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The Insurance Regulatory and Development Authority of India (IRDAI) has fined Reliance General Insurance Company Rs 500,000 for lack of transparency and arbitrary deductions in the payment of claims under motor insurance policies.
After receiving complaints that general insurers were settling claims with lesser amounts than the insured declared value (IDV) in the case of motor claims, the insurance regulator began its investigations.
In June 2016, the regulator communicated its findings to Reliance General and issued a show-cause notice in August 2017. Thereafter, in November 2017, Rakesh Jain, the chief executive officer, and other senior executives of the general insurer
