Which insurance company was fined Rs 2 crore by IRDAI for regulatory breaches related to policyholders' interests and outsourcing irregularities?

A)
SBI Life
B)
Max Life
C)
ICICI Prudential
D)
HDFC Life

Correct Answer : Option (D) - HDFC Life



The Insurance Regulatory and Development Authority of India (IRDAI) fined HDFC Life Insurance Rs 2 crore for breaching regulatory norms.

The penalty addressed violations related to policyholders' interests and outsourcing irregularities, each accounting for Rs 1 crore.

The violations were found during an inspection covering the financial years 2017-18 to 2019-20.

IRDAI has also issued directives to ensure compliance, requiring HDFC Life to submit an action plan and review outsourcing contracts.

Published On : August 4, 2024
Category : Business and Economics