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ICICI Prudential Life Insurance, HDFC Life Insurance and Max Life Insurance have set up internal investigation teams in response to the sting operation conducted by online magazine Cobrapost .
“ICICI Prudential Life Insurance, HDFC Life Insurance and Max Life insurance are conducting internal enquiries to investigate the matter. They have assured us that they follow strict KYC norms as prescribed by us. We have communicated the responses of the insurers to the Government,” said a senior official of the Insurance Regulatory and Development Authority.
Cobrapost claimed that the country’s top three private sector banks — ICICI Bank, HDFC Bank and Axis Bank — and their insurance affiliates launder money as part of their standard operating procedures.
HDFC Bank has appointed auditor Deloitte and law firm M/s Amarchand & Mangaldas and Suresh A Shroff & Co to examine allegations of money laundering by Cobrapost.
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank and Prudential plc of UK, HDFC Standard Life is a joint venture between Housing Development Finance Corporation Ltd (HDFC) and Standard Life plc of Edinburgh and Max Life insurance has a distribution partnership with AXIS Bank.
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