16 Feb 2015
Hyderabad: The Insurance Regulatory and Development Authority of
India (IRDAI) has fined Rs 10 lakh on Life Insurance Corporation
(LIC) of India.
IRDAI order stated that the filled in proposal forms were altered by
LIC without necessary authentication from the proposers. The policies
were also split and more than one policy was issued under a single
As per the circular issued, LIC had also violated existing norms on
investments in other entities in certain cases. A fine of Rs 5 lakh
each was imposed for both these violations. The corporation was also
warned to follow regulations in many other areas of business.