IRDA gives clean chit to LIC in transfer of profits case

Insurance Regulatory and Development Authority (IRDA) on Friday gave a clean chit to Life Insurance Corporation of India , the largest insurance company in India, in alleged violation of rules pertaining to transfer of profits among its various schemes.

The insurance watchdog earlier said it would launch investigation in to the books of LIC pertaining 2009-10. J Harinarayan IRDA chairman said there is no violation committed by the LIC and it was just an actuarial shortage as to the current actuarial estimates.

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