Irdai fines Deinon Risk Rs 10 lakh for acting as insurance intermediary

The firm did not have a valid registration with the insurance regulator

The Insurance Regulatory and Development Authority of India (Irdai) has imposed a penalty of Rs 10 lakh on Deinon Risk Services for acting as an insurance intermediary without having a valid registration with the insurance regulator of the country.

Deinon, which is into business support and risk consultancy, was playing an active part in foreign inward reinsurance placements, and was acting as an extended arm of PIIQ, a foreign insurance broker, for placing foreign inward reinsurance. “Though there is no bar on an Indian Insurer accepting foreign inward reinsurance placement directly from a foreign insurance broker, Deinon acting as an