IBN7 News: The Insurance Regulatory and Development Authority (IRDA) slapped a fine of Rs.1.47 crore on HDFC Standard Life Insurance Company.
Passing the penalty order, which was made public Thursday, IRDA chairman J. Hari Narayan said: “…I hereby direct the insurer (HDFC Standard Life) to remit the penalty of Rs.1.47 crore.”
“A penalty of this nature is a regulatory necessity in order to impress upon the management of any insurance company that regulatory prescriptions have to be complied with at all times and failure to do so will entail appropriate regulatory action,” Hari said in the order delivered Wednesday.
