Irda imposes Rs 40 lakh fine on Aegon Religare

Fine imposed for violation of rules regarding insurance brokers regulations among others

Insurance Regulatory and Development Authority (Irda) has imposed a fine of Rs 40 lakh on Aegon Religare Life Insurance for violation for violation of certain insurance laws.

Fine was imposed related to violation of rules regarding insurance brokers regulations, sharing of database for distribution of insurance products regulations among others.

The life insurer has been advised that a follow-up inspection would be conducted to confirm the various confirmations/assurances given by them and that all expenses for hiring of external agencies for this purpose would be borne by the insurer.