The Insurance Regulatory and Development Authority has warned New India Assurance Company Ltd to strictly adhere to file and use guidelines.
Acting on the complaint by one policyholder with regard to excess premium charged in a mediclaim policy, the Authority said the company had violated norms by not charging the premium as per the product/premium filed with the authority.
It had also directed the company to refund excess premium charged in mediclaim policies of the policy holders who made similar complaints.
The decision was taken after New India Assurance had responded to a show-cause notice issued by the regulator.
The authority will be "constrained to take a more serious view" if the norms were not followed by the company, it warned.