Irda slaps Rs 5 lakh penalty on Barclays Investments & Loans

Fine imposed as Barclays received payouts, as a corporate agent, during 2008-09 and 2009-10, over and above permitted remuneration

The Insurance Regulatory and Development Authority (Irda) has imposed a penalty of Rs 5 lakh on Barclays Investments and Loans (India) Limited, for violation of certain insurance norms.

Irda said that the penalty has been imposed for receiving payouts, as a corporate agent, during the financial year 2008-09 and 2009-10, apart/over and above permitted commission/remuneration. Barclays Investments and Loans (India) Limited is the corporate agent of Max Life Insurance.

The corporate agent was also asked to strictly adhere to Insurance Act 1938 and all other regulations issued in this regard.