The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty of ₹ 1 crore on Chola MS General Insurance Company.
As per the order issued by Subhash C Khuntia, Chairman, IRDAI, the company had violated certain norms of Motor Insurance Service Provider guidelines.
Also read: IRDAI asks insurers to offer standard personal accident cover from April 1
The engagement with four motor insurance service providers and payments made by the insurer to them in the name of display of advertisement material to them during November 2017-July 2018 period were found to be in violation of the norms by the regulator in an inspection it carried out.
Cholar MS General Insurance has also penalised for non-submission of documents to enable proper inspection, the order said.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.