Irda imposes Rs 10-lakh fine on Reliance Life Insurance

The Insurance Regulatory & Development Authority (Irda ) has slapped a fine of Rs 10 lakh on Reliance Life Insurance Company for violating some of the norms laid down by the regulating authority. A showcause notice was issued to Reliance Life for having paid excess referral fees than envisaged in the referral guidelines. In its reply, the company has agreed for this lapse and informs that the fees was paid in anticipation of business volumes to be generated as per initial commitments. This is in violation of the laid down provisions of the guidelines, according to Irda. Irda also observed ...

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