Insurance Regulatory and Development Authority has imposed on Tata AIA Life Insurance Company a fine of Rs 1 lakh, and further ordered the company to hire accounting firm(s) to carry out investigation on the extent of operational procedures complying with anti-money laundering guidelines.
The Irda said the accounting firm(s) should complete the study and submit its report in 45 days. The Tata AIA Life Insurance should submit the accounting firm’s report to Irda within 15 days of its submission.
