Irdai imposes ₹51 lakh penalty on four insurers
The Hindu
Group of firms includes SBI General Insurance Company that has been fined ₹25 lakh.
Regulator Irdai has imposed a penalty of ₹51 lakh on four insurers, including SBI General Insurance Company, for violation of certain norms related to motor insurance. A penalty of ₹25 lakh has been imposed on SBI General Insurance Company for not fulfilling regulatory obligations under the Motor Third Party (MTP) business. The Insurance Regulatory and Development Authority of India (Irdai) has also imposed a penalty of ₹13 lakh on Liberty General Insurance Limited, ₹10 lakh penalty on Bajaj Allianz General Insurance Company, and ₹3 lakh on Royal Sundaram General Insurance Company.
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