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The IRDAI has imposed a penalty of ₹2.18 crore on Hero Insurance Broking lndia. The fine was imposed for the violation of Motor Insurance Service Provider (MSIP) guidelines.
lf the insurance broker feels aggrieved by the above decision, an appeal may be preferred to the Securities Appellate Tribunal, as per Section 1 10 of the lnsurance Act, 1938, the order said.
Earlier this week, the IRDAI had slapped a penalty of ₹3 crore on MIBL for the violation of various regulatory norms.
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