IRDA Fines TATA AIG

Please provide me the details of the fine which had been slapped by the Insurance Regulatory and Development Authority (IRDA) on the Tata-AIG Life Insurance Company?

Insurance controller IRDA today slapped a punishment of Rs 49 lakh on Tata-AIG Life Insurance Company for infringement of different administrative standards.

The Insurance Regulatory and Development Authority (IRDA) had discovered slips in different principles, including non-adherence to standards of referrals and readiness of budgetary explanations, by the life coverage organization.

"I thus coordinate the guarantor (Tata-AIG Life Insurance Company) to transmit the punishment of Rs 49 lakh charging shareholder's record inside 15 days," IRDA Chairman J Hari Narayan said in his request.

The punishment takes after an on location assessment of Tata-AIG in August, 2010, amid which the controller discovered infringement of the procurements and rules of the Insurance Act.

The insurance agency couldn't be reached for remarks.

The controller said Tata AIG Life has made certain installments to HSBC Bank and Citibank banks disregarding IRDA's rules on Group Insurance arrangements.

The life safety net provider, IRDA said, was additionally been discovered disregarding the procurements of the standards while going into referrals course of action with non-managing an account elements and using unlicensed elements.

Further, the IRDA has discovered failures in the business advancement costs under the Corporate Agency rules.

__________________
Answered By StudyChaCha Member