Twelve insurance companies including market leaders HDFC Life and ICICI Prudential Life was levied a fine of nearly Rs 5 crore during 2012-13 by IRDA.
HDFC Life paid a fine of Rs 1.47 crore, while ICICI Prudential Life had to shell out Rs 1.18 crore for failure to comply with various provisions of the Insurance Act 1938.
The insurance regulator had imposed a fine of Rs 76 lakh on PNB Metlife for violation of various guidelines. Tata AIA Life had to pay a penalty of Rs 49 lakh during 2012-13.
In all, penalties were levied on 10 life insurance companies and two non-life insurance companies for non- compliance with various regulatory stipulation, Irda said in annual report 2012-13.
Apart from monetary penalty levied on insurers, penal actions were also initiated on various non-compliant intermediaries as well, it said.
