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The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty of ₹1 crore on HDFC Life Insurance Company for violation of various norms.
The norms violated included those pertaining to insurance web aggregators, insurance brokers, insurance intermediaries (payment of commissions) and outsourcing activities.
The insurer was also directed by the regulator to review its vendor regulating policy and review all existing vendor agreements and make necessary changes to the policy in line with existing norms, according to an order.
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