The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a Rs 50-lakh penalty on Future Generali Life Insurance Company.
The regulator, which had examined 34 charges on a variety of aspects related to business, said the company had violated many norms including not settling `huge’ number of claims in respect of group insurance schemes, continuation of corporate agency even after expiry of licence, use of unlicensed entities for procuring business, and authorised distribution of gift vouchers procured from Big Bazaar, one of the group companies.
The company has also been warned on many other counts including flouting of Know Your Customer (KYC) norms. It was asked to pay the penalty within 15 days, according to an order issued by IRDAI Chairman TS Vijayan.