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The Insurance Regulatory and Development Authority of India (IRDAI) has imposed Rs 15 lakh penalty on New India Assurance Company Ltd for violation of various norms.
According to an order issued by the regulator, the penalty was imposed on the company for allowing regional office in-charge to offer discretionary/commercial discounts without any upper limit in respect of the risks falling in their underwriting authority.
It has also found delays in claims settlement, procurement of business from agents after expiry of their licences, among other lapses.
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