IRDAI today imposed a fine of Rs 11 lakh on private sector insurer Exide Life for violating various provisions of insurance norms.
"The penalty of Rs 11 lakh shall be remitted by the life insurer by debiting shareholders' account within a period of 15 days from the date of receipt of this order," Insurance Regulatory and Development Authority of India (IRDAI) said in an order.
There were violation of provisions (by Exide Life Insurance Company) with regard to business sourced by corporate agents, it said.
The life insurer should monitor all the activities of the Corporate Agents and the company has not ensured the compliance of the provisions of the regulations and circulars. So penalty of Rs 5 lakh was imposed, the order said.
Besides, Rs 5 lakh was also imposed for denial of claims on grounds of non-disclosures in Declaration of Health (DoH) form at the time of revival, it added.
The regulator also imposed a penalty of Rs 1 lakh for violation of another regulation.
In a separate order, IRDAI levied a fine of Rs 1 lakh for violation related to settlement of death claims.
