The IRDAI has imposed a penalty of Rs.50 lakh on Future Generali Life Insurance Company against 34 charges on a variety of aspects related to business.
It has been believed, that the company had violated many norms, including not setting ‘huge’ number of claims in respect of the group insurance schemes, continuation of corporate agency even after expiry of licence, use of unlicensed entities for procuring business and distribution of gift vouchers procured from Big Bazaar, one of the group companies. Further IRDAI has asked to pay the penalty within 15 days.
