The Insurance Regulatory and Development Authority has imposed Rs 28 lakh penalty on Shriram Life Insurance Company Ltd.
The fine was imposed for violation of norms pertaining to payments made to referral partners, wrongful application of regulator’s circulars and violations of unit- linked insurance plans guidelines, among others.
The company was also warned by the regulator to strictly adhere to underwriting norms, according to an order issued by IRDA.