The regulatory body reported transgressions pertaining to the interests of policyholders, online aggregators, and insurance distributors.
HDFC Life Insurance faces a fine of Rs 2 crore from the Insurance Regulatory and Development Authority of India (Irdai) for breaking regulations. In addition to other instructions, the penalty must be paid within 45 days after receiving the order.
The regulator noted infractions of standards pertaining to online aggregators, insurance distributors, and policyholders’ interests. Before signing any outsourcing contracts, the regulator ordered the life insurance to examine its vendor management agreements and conduct due diligence. In addition, the business needs to provide the regulator with a thorough action plan regarding outsourcing contracts and other infractions.
Irdai also stipulated that the insurer had to present the order to the company’s board and give the regulator the meeting minutes. Within ninety days after receiving the order, the corporation must also submit an action taken report to the regulator, outlining the steps taken in response to Irdai’s directives. The insurer may file an appeal with the Securities Appellate Tribunal if they feel that the ruling is unfair to them.
Know Protection of Policyholders’ Interests) Regulations,2017
You can Downlode PDF from IRDAI Official Website link given above
