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The Insurance Regulatory and Development Authority (IRDAI) has warned IFFCO Tokio General Insurance Company for furnishing wrong information and delaying filing of returns.
In an order, IRDAI Chairman Subhash C Khuntia directed the insurer “to put in place necessary systems for furnishing correct data and to ensure compliance with regulatory provisions”.
The company has delayed the submission of annual returns. The returns of the first of half of FY19 were filed with a delay of 62 days, while health annual returns were filed with a delay of 36 days. “The insurer did not put in place effective procedures for furnishing correct and timely data,” the regulator said.
The insurer has been directed to place the order before the board of the insurer in the upcoming meeting and sumit the minutes to the IRDAI within seven days after the meeting.
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