Categorized | General Insurance

IRDAI slaps a fine of Rs 10 lakh on LIC of India

Posted on 16 Feb 2015 by Easypolicy

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 proposal.

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.