IRDAI imposes monetary penalty on HDFC Life Insurance for violating norms
The Insurance Regulatory and Development Authority of India (IRDAI) has fined HDFC Life Insurance Rs 2 crore for violating regulations. The penalty must be paid within 45 days of receiving the order, and additional directives have also been issued.
The violations cited by the regulator relate to norms concerning policyholders' interests, web aggregators, and insurance distributors.
The Insurance regulator directed the life insurer to review its vendor management agreements and carry out due diligence before entering into outsourcing contracts. The company must also submit a detailed action plan to the regulator on outsourcing contracts and other violations.
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Additionally, Irdai has specified that the insurance company must present the order before the board of directors and furnish the meeting minutes to the regulatory authority. The company is also required to submit a report detailing the actions taken in response to Irdai's directions within 90 days of receiving the order.
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