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.