The Insurance Regulatory and Development Authority (IRDA) has slapped a Rs 20-lakh penalty on Aviva Life Insurance Co India Ltd.
The fine was imposed for payment of higher commission than what was permitted by the regulations in force, the regulator said in an order issued on Friday.
The company had made higher commissions to its corporate agents, Indusind Bank and Punjab & Sind Bank and Anngram Stock Broking Ltd, the order said.
In a separate order, IRDA also imposed a Rs 5-lakh fine on Indusind Bank for violating norms by accepting higher commissions.