IRDAI slaps ₹1 crore penalty on Chola MS General Insurance
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The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty of ₹ 1 crore on Chola MS General Insurance Company.
As per the order issued by Subhash C Khuntia, Chairman, IRDAI, the company had violated certain norms of Motor Insurance Service Provider guidelines.
Also read: IRDAI asks insurers to offer standard personal accident cover from April 1
The engagement with four motor insurance service providers and payments made by the insurer to them in the name of display of advertisement material to them during November 2017-July 2018 period were found to be in violation of the norms by the regulator in an inspection it carried out.
Cholar MS General Insurance has also penalised for non-submission of documents to enable proper inspection, the order said.
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