Irda has slapped a penalty of Rs 31 lakh on Canara HSBC Oriental Bank of Commerce life Insurance Company and Rs 5 lakh on Anand Rathi Insurance Brokers for violating regulatory norms.
Irda has penalised Canara HSBC Oriental Bank of Commerce life Insurance Company on charges including, delay in payment of claims, non-adherence to product specifications and violating licensing of corporate agents norms.
"Under the respective charges, the penalty of Rs 31 lakh shall be remitted within a period of 15 days from the date of receipt of this order by the life Insurer," Irda said in an order to Canara HSBC Oriental Bank of Commerce life Insurance Company.
The insurer has accepted the delay in dispatch of policy documents arising out of internal processing/system related issues, Irda said.