News From Press Irdai slaps Rs 1 crore fine on Cholamandalam MS General Insurance for violating commission-paying rules

Irdai slaps Rs 1 crore fine on Cholamandalam MS General Insurance for violating commission-paying rules

It was observed that the insurer paid insurance commission to intermediaries in respect of porting-in health policies, Irdai said, citing few examples based on the cases examined for financial year 2015-16.

Financial Express Oct 24, 2019

Insurance sector regulator Irdai has imposed a fine of Rs 1 crore on Cholamandalam MS GIC for violating health insurance regulations related to payment of commission.

The matter relates to insurance commission paying to intermediaries during 2015-16 in violation of the Irda (Health Insurance) Regulations, 2013, which specifies that no commission shall be payable to any intermediary on acceptance of a ported policy, Irdai said its order.

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