Irda fines erring foreign brokers

With rampant unhealthy practices plaguing the domestic insurance industry, particularly general insurance, sector regulator Insurance Regulatory & Development Authority (Irda) has now turned the heat on some foreign insurance brokers operating in India. The regulator has imposed a penalty of Rs 2 lakh on Marsh India, where second largest international broker Marsh holds 26% stake. An Irda official said the regulator is also investigating several other foreign brokers including Willis, the third largest international broker operating in the country. These brokers could be slapped penalties, too. The regulator has also punished several domestic brokers by canceling their licences. Marsh India ...

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