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The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty of ₹50 lakh on Future Generali Life Insurance Company. The regulator, which had examined 34 charges on a variety of aspects related to business, said the company had violated many norms, including not settling ‘huge’ number of claims in respect of the group insurance schemes, continuation of corporate agency even after expiry of licence, use of unlicensed entities for procuring business and distribution of gift vouchers procured from Big Bazar, one of the group companies. It has been asked to pay the penalty within 15 days, according to an order issued by IRDAI Chairman TS Vijayan.
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