The Insurance Regulatory and Development Authority (Irda) has levied a penalty of Rs 49 lakh on Tata AIG Life Insurance Company for violating regulations on multiple counts, including excess payment of commission to insurance agents.
Based on an on-site inspection of the company records and subsequent submissions made by it, Irda chairman J Hari Narayan issued these orders while asking the company to pay the penalty within 15 days.
The penalties have been levied on six types of violations. Of this, Rs 20 lakh has been levied at the rate of Rs 5 lakh each with regard to four major instances in which the company paid excess commission to agents.
In another instance, the regulator has levied Rs 8 lakh for paying advertisement charges to banks in violation of the existing guidelines. The remaining instances largely pertain to sale of insurance policies, such as acquiring business through unlicensed persons.
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