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The Insurance Regulatory and Development Authority (IRDA) has imposed Rs 10 lakh penalty on Max Life Insurance Company Ltd for violating norms on commissions.
The company had paid more commissions than what was permitted under the existing norms to Barclays Investments and Loans (India) Ltd during two financial years. A penalty of Rs 5 lakh was imposed on the company for each financial year, according to an order issued by the regulator.
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