IRDAI has imposed a fine of Rs.1 crore on D2C Insurance Broking, which runs an online insurance distribution platform renewbuy.com.
The insurance regulator has found that the broker solicited insurance policies through unauthorized sales persons.
IRDAI said that the broker has violated IRDAI’s regulation, which prevents insurance brokers from employing unauthorized agents or canvassers to bring in business. D2C Insurance has been violating the code of conduct since the year 2015-16, which continued until the date of inspection, added IRDAI.
Further, IRDAI has warned the broker for other violations like:
- D2C Insurance solicited business through the website renewbuy.com and did not display its name visibly and clearly on the website. IRDAI norms ask insurance brokers to explicitly mention their name and license number on website
- The broker used content which was not in line with the regulations
- Not appointing qualified persons for business solicitation. An insurance broker must appoint at least two persons with the necessary qualifications
