The Insurance Regulatory and Development Authority (IRDA) has imposed a Rs 1 lakh penalty on New India Assurance Company Ltd for non-refund of mediclaim (a health insurance policy) from a policy holder.
One of the policy holders of New India Assurance had approached the regulator complaining that the mediclaim amount was not refunded to him as he was staying outside India during the period of the policy.
As the company failed to respond to IRDA's directive on the complaint, the penalty was imposed, Mr J Hari Narayan, Chairman, IRDA said in an order.