The Insurance Regulatory and Development Authority of India (IRDAI) has fined government-owned United India Insurance Company Ltd Rs.60 lakh for violation of regulations, it was announced on Monday.
In his order dated April 22, uploaded on the regulator's website on Monday, IRDAI chairman T.S.Vijayan directed United India to remit the penalty within 15 days from the date of receipt of the order.
He said the penalty amount should be debited to the shareholders (central government) account.
The IRDAI had levied a total of 58 charges against United India after an on-site inspection by it between 6-17 February, 2012.