IRDAI finds irregularities in Bajaj Allianz General Insurance and impose a penalty of Rs. 7 Lac.

IRDAI has imposed a penalty of Rs.7 lakh on Bajaj Allianz General Insurance Company for violating guidelines of Motor Insurance Service Provider (MISP). IRDAI found that the insurer had paid additional payment to its MISP (automobile dealer) which were over and above commission. These payments were made in the form of fees, charges, infrastructure, advertising expenses, documentation charges, legal fees and so on to the directors of the intermediaries.

IRDAI has found four general insurance companies - Bajaj Allianz, SBI, Go Digit and New India Assurance guilty of violating regulatory norms.