IRDAI has imposed a fine of Rs.20 lakh on Apollo Munich Health Insurance for violation of various norms like soliciting business through unlicensed agents and an online traveling website. The insurance regulator has examined 8 such violations of the company.
Of the total Rs.20 lakh, Rs.15 lakh was imposed for distributing insurance policies through an online travel website called Makemytrip.com which is not a licensed insurance intermediary. The insurance regulator found that the Apollo Munich had entered into an agreement with Makemytrip.com to market its travel insurance products and other support services.
Meanwhile, IRDAI has also found that the company had distributed policies through agents after expiry of their license.
The insurance regulator has asked Apollo Munich to pay the fine within 15 days.