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Thursday, December 18, 2014

IRDA slaps Rs. 31 lakh penalty on Canara HSBC Oriental Life Insurance

The Insurance Regulatory and Development Authority (IRDA) has imposed Rs. 31 lakh penalty on Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd for setting policies in favour of master policy holders under non-employee/employer groups.

``The practice of issuing claim payments in favour of Master Policy Holders (Self Help Groups in this case) but not in favour of the beneficiary of the group insurance policy has a potential of jeopardising the financial interests of the dependents of the deceased policyholder,’’ the regulator said in a circular issued here on Thursday.

The regulatory had also warned the company citing many other lapses in adhering to the norms in many cases.

Source : Thehindubusinessline


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