Current Affairs - Business - Discussion
Discussion Forum : Business - Latest Current Affairs (Q.No. 177)
177.
Which insurance company was fined Rs 2 crore by IRDAI for regulatory breaches related to policyholders' interests and outsourcing irregularities?
Answer: Option
Explanation:
The Insurance Regulatory and Development Authority of India (IRDAI) fined HDFC Life Insurance Rs 2 crore for breaching regulatory norms. The penalty addressed violations related to policyholders' interests and outsourcing irregularities, each accounting for Rs 1 crore. The violations were found during an inspection covering the financial years 2017-18 to 2019-20. IRDAI has also issued directives to ensure compliance, requiring HDFC Life to submit an action plan and review outsourcing contracts.
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