Irda slaps Rs 5 lakh penalty on Barclays Investments & Loans
Fine imposed as Barclays received payouts, as a corporate agent, during 2008-09 and 2009-10, over and above permitted remuneration
Irda said that the penalty has been imposed for receiving payouts, as a corporate agent, during the financial year 2008-09 and 2009-10, apart/over and above permitted commission/remuneration. Barclays Investments and Loans (India) Limited is the corporate agent of Max Life Insurance.
The corporate agent was also asked to strictly adhere to Insurance Act 1938 and all other regulations issued in this regard.