IRDAI slaps Rs 10 lakh penalty on SBI Life Insurance Co

Posted on:27 Sep 2016 09:12:52
IRDAI slaps Rs 10 lakh penalty on SBI Life Insurance Co
27 September 2016 Current Affairs: Regulator Irdai has imposed a penalty of Rs 10 lakh onSBI Life Insurance Company for violations of various norms, including guidelines on accepting business from a corporate agent after the expiry of licence. 

The Insurance Regulatory and Development Authority ofIndia (Irdai) said that the inspection report of the corporate agent Bonanza Assurance Advisors indicated that it had done 621 policies after expiry of licence.

Authority renewed the expired licence of the corporate agent from a retrospective date .

It is the duty of the insurer and corporate agent to get the licensed renewed well before the due date with submission of all required documents. 

Though commission is not released by insurer on the business accepted after the licence expiry until the licence renewal by Authority, insurer act on accepting business is "not justified" while the renewal application is under process and when a decision can be on either side.

Another penalty of Rs 5 lakh has been imposed on SBI Life Insurance for violation of the provisions of the regulation on accepting the business from unauthorised persons. 

After examining submission of the insurer, the Irdai did not press other charges. 

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