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IRDAI has imposed hefty fines on Bajaj Finance, a corporate agent and Prowess Insurance Brokers, an insurance broker for violating regulatory norms.
Bajaj Finance
IRDAI imposed Rs.2 crore penalty on the corporate agent for mis-reporting their commission income and not maintaining adequate records of sales activity.
The regulator found that difference in commission income received by the corporate agent and the reported numbers.
Another violation was not maintaining call records of tele marketers, who were engaged in sales practices.
Prowess Insurance Brokers
IRDAI found that the insurance broker carried out business on expired broking license.
IRDAI levied a penalty of Rs. 37 lakhs on Prowess for the violations and asked them to pay this amount within the next 45 days.