The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a ₹2 Crore penalty on HDFC Life for breaching various regulatory guidelines. This penalty follows an onsite inspection by IRDAI in September 2020, which reviewed the company’s operations for the financial years 2017-18, 2018-19, and 2019-20.
The penalty is divided into two main categories. The first ₹1 Crore fine addresses issues related to the protection of policyholders’ interests. The second ₹1 Crore fine pertains to irregularities in the outsourcing of services and related activities, including the payment of commission or remuneration for soliciting insurance business.
The IRDAI issued the order on August 1, 2024, detailing the violations and the imposed fines. Alongside the financial penalties, IRDAI has provided additional directives and advisories to HDFC Life. The company is required to follow these guidelines within a specified timeframe to correct the identified issues and ensure full compliance with regulatory standards.
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