In an order, IRDAI Chairman TS Vijayan said fine was imposed for accepting premiums from agents after expiry of their license. The company did not capture the record of the license dates of the agents as well.
Further, the insurer did not provided the mandatory reserve for claims under litigation. It also violated norms by procuring travel insurance business through Make My Trip which is not authorised to act as an intermediary, the order said.
The regulator had also imposed Rs. 10 lakh penalty on Agricultural Insurance Company of India Ltd for violation of norms related to reinsurance, among others.
Source : Thehindubusinessline