IRDA imposes fine of Rs 51 lakh on four companies including SBI General Insurance

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SBI General Insurance has been fined Rs 25 lakh for not fulfilling regulatory commitments for motor third party (MTP) business.

New Delhi. The Insurance Regulatory and Development Authority of India has imposed a fine of Rs 51 lakh on four insurance companies including SBI General Insurance for violating certain rules related to motor insurance.

IRDA fined SBI General Insurance 25 lakh
SBI General Insurance has been fined Rs 25 lakh for not fulfilling regulatory commitments for motor third party (MTP) business. The Regulatory Body IRDA (IRDA), Liberty General Insurance Ltd. A fine of Rs 13 lakh has been imposed on Bajaj Allianz General Insurance Company and Rs 3 lakh on Royal Sundaram General Insurance Company.

Also read- Gold Price Today: In the Corona era, people bought a lot of gold, Gold imports increased by 22.58% in the last financial year.In its order regarding SBI General Insurance, IRDA has stated that the insurance company did not fulfill the MTP commitments for FY 2017-18. At the same time, Liberty General Insurance Company has been fined Rs 13 lakh for violation of certain provisions of the Motor Insurance Service Provider (MISP) guidelines.

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10 lakh fine imposed on Bajaj Allianz General Insurance
Bajaj Allianz General Insurance has been fined Rs 10 lakh for violation of certain provisions of the Insurance Act, 1938. At the same time, in the case of Royal Sundaram General Insurance, IRDA has imposed a fine of three lakh rupees for violation of MISP guidelines.




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