December 2016 Current Affairs

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IRDAI Slaps Rs 6 Lakh Penalty On Shriram Life Insurance

IRDAI Slaps Rs 6 Lakh Penalty On Shriram Life Insurance
20 October 2016 Current Affairs: Regulator Irdai has imposed a penalty of Rs 6 lakh on Shriram Life Insurance for "casual" approach towards certain norms, among other violations. 

The company was charged that under a product (Shriram Credit Shield), in many instances, the insurer had covered the loan term of less than three years and provided flat cover of Rs 5,000 for the balance period (till completion of three years).

The insurer should note that whenever they realise the demand of a specific feature that is not available in the approved File and Use, they should approach Irdai for revision of the product in order to include the required feature.

The new feature can only be marketed post approval of the revision. So, the life insurer resorting to such practice again indicates their casual approach towards regulatory prescriptions with regard to File and Use.

Another charge was that group claims paid date for the financial years 2011-12 and 2012-13 revealed that death claims were settled in favour of Group Master Policyholder. Further, the life insurer had not obtained a confirmation of receipt of claim payment from the beneficiaries. In this case, a penalty of Rs 1 lakh has been levied. 

The regulator said "the penalty of Rs 6 lakh shall be debited to the shareholders' account of the life insurer" and the amount should be remitted to the Irdai within a period of 15 days.


December 2016 Current affairs

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
NEWS
24 NOV
NEWS




October 2016 Current affairs
31 OCT
NEWS
27 OCT
NEWS
26 OCT
NEWS
25 OCT
NEWS
24 OCT
NEWS
22 OCT
NEWS

September 2016 Current affairs
30 SEP
NEWS
29 SEP
NEWS
28 SEP
NEWS
27 SEP
NEWS
26 SEP
NEWS
24 SEP
NEWS

August 2016 Current affairs
31 AUG
NEWS
30 AUG
NEWS
29 AUG
NEWS
27 AUG
NEWS
26 AUG
NEWS
25 AUG
NEWS



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