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The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty of Rs. 10 lakh on Life Insurance Corporation (LIC) of India.
In an order, the authority said the filled in proposal forms were altered by LIC without necessary authentication from the proposers. The policies were also split and more than one policy was issued under a single proposal.
``Tampering with the proposal forms without the consent of the policyholders may affect the policyholders’ interest adversely,’’ it said.
Similarly, LIC had also violated existing norms on investments in other entities in certain cases. A fine of Rs. 5 lakh each was imposed for both these violations. The corporation was also warned to follow regulations in many other areas of business, according to the circular.
Source : Thehindubusinessline
In an order, the authority said the filled in proposal forms were altered by LIC without necessary authentication from the proposers. The policies were also split and more than one policy was issued under a single proposal.
``Tampering with the proposal forms without the consent of the policyholders may affect the policyholders’ interest adversely,’’ it said.
Similarly, LIC had also violated existing norms on investments in other entities in certain cases. A fine of Rs. 5 lakh each was imposed for both these violations. The corporation was also warned to follow regulations in many other areas of business, according to the circular.
Source : Thehindubusinessline
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