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  • News From Press Insurance Regulator Slaps Rs 15 Lakh Penalty On New India Assurance

    Insurance Regulator Slaps Rs 15 Lakh Penalty On New India Assurance

    Source: PTI/NDTV Mar 18, 2016

    Insurance regulator Irdai has slapped a penalty of Rs 15 lakh on public sector general insurer New India Assurance Co Limited for violating various insurance norms.

    The New India Assurance Co was found to be violating norms including authorising regional offices to allow up to 40 per cent of motor premium towards procurement expenses, offering discretionary or commercial discounts, accepting business from corporate agent from licence expired agents etc.

    "The insurer is procuring business and paying commission to the agents whose licences expired long back," it said in an order issued today.

    "As directed under the respective charges, the penalty of Rs 15 lakh shall be debited to the shareholders' account of the general insurer and the amount shall be remitted to Insurance Regulatory and Development Authority of India (Irdai)," it said.

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