The Insurance Regulatory and Development Authority has imposed Rs 5 lakh penalty on National Insurance Company Ltd for violation of certain norms.
Acting on a complaint from a policyholder, the Authority found that the public sector general insurer had violated norms pertaining to policy proposal and repudiation of claim.
There was also delay in informing the policyholder, who had a shop-keeper's policy, about the rejection of the claim, Mr J. Hari Narayan, Chairman, IRDA, said in an order issued on Wednesday.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.