IRDAI slaps ₹1 crore penalty on Chola MS General Insurance

The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty of ₹ 1 crore on Chola MS General Insurance Company.

As per the order issued by Subhash C Khuntia, Chairman, IRDAI, the company had violated certain norms of Motor Insurance Service Provider guidelines.

The engagement with four motor insurance service providers and payments made by the insurer to them in the name of display of advertisement material to them during November 2017-July 2018 period were found to be in violation of the norms by the regulator in an inspection it carried out.

Cholar MS General Insurance has also penalised for non-submission of documents to enable proper inspection, the order said.

Source: The Hindu Business Line