IRDAI imposes monetary penalty on Bajaj Finance, Aegon Life Insurance

The Insurance Regulatory and Development Authority of India (IRDAI) has fined Bajaj Finance Rs 2 crore and Aegon Life Insurance (now known as Bandhan Life) Rs 1 crore for violating norms.

The insurance regulator has fined Bajaj Finance Rs. 1 crore for discrepancies in the reconciliation of commission and professional fees received and reported to the authority. Additionally, a penalty of Rs. 1 crore was imposed for failure to maintain records of customer documentation. Irdai has also issued further directions to the company and advised it to comply with these directions within a specified timeframe.

Read Also : ICICI Lombard buys 0.19% stake in HDFC Life for Rs 233 crore

Bajaj Finance added that the decision does not have any material impact on its financial, operational, or other activities, the company said in an exchange filing.

Additionally, Irdai, in its press release, said that it has imposed a penalty of Rs 1 crore on Aegon Life Insurance (now known as Bandhan Life) for violating certain provisions under the Anti-Money Laundering (AML) Master Circular, which shall be remitted within 45 days from the date of the order.

Read Also : Central Bank of India gets approval for insurance JV with Generali Group