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The Insurance Regulatory and Development Authority of India (IRDAI) has imposed Rs 85 lakh penalty on Reliance Life Insurance Co Ltd.
According to an order issued by IRDAI Chairman T S Vijayan, the penalty has been imposed for violation of norms pertaining to outsourcing, among others.
An independent audit by a chartered accountant firm should be commissioned to look into the entire transactions of payments made to the service providers and the structure/shareholding pattern/composition and the existence of all these entities, including the relevance of payments made by Reliance Money Infrastructure to various entities, it said.
Reliance Life was asked to review and examine the outsourcing policy and related activities of the company and initiate necessary steps to bring about compliance in letter and spirit to the regulatory provisions.
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