The Insurance Regulatory and Development Authority of India (IRDAI) has fined HDFC Life ₹2 crore for breaking several regulations. HDFC Life shared this information in a filing with the stock exchange.
Inspection and Violations:
- Inspection: IRDAI inspected HDFC Life in September 2020.
- Financial Years Covered: 2017-18, 2018-19, and 2019-20.
Penalties:
- Protection of Policyholders: ₹1 crore fine for not adequately protecting policyholders’ interests.
- Outsourcing Issues: ₹1 crore fine for problems related to outsourcing services.
HDFC Life received an official order from IRDAI on August 1, 2024, detailing these penalties. Additionally, IRDAI has given HDFC Life further instructions and advice to correct the issues and follow regulatory standards.
About IRDAI:
IRDAI is a regulatory body set up by the IRDA Act, 1999, to oversee and develop India’s insurance sector. Its main goals are to protect policyholders and ensure the insurance industry grows in an organized manner.
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