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The Insurance Regulatory and Development Authority (IRDA) has imposed Rs 5 lakh penalty on Sahara India Life Insurance Company Ltd for not fulfilling social sector obligations.
``On examination of the Annual Business returns for the period ending 31st March, 2013 filed by Sahara India Life Insurance it was noticed by the Authority that the Life Insurer did not fulfil the obligations towards social sector as specified in the IRDA Regulations, 2002. The life insurer covered 31,444 lives as against the targeted number of covering 35000 lives from the social sector in its 8th year of operations,’’ T S Vijayan, Chairman, IRDA said in an order.
In addition to payment of fine, Sahara India Life was required to meet the unfulfilled part of the social sector obligation of the last year this year in addition to the obligation to be met for the year 2014-15, the order added.
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