L&T General Insurance: Irdai slaps fines on 3 insurance companies

The country's insurance regulator Irdai has imposed penalties on three insurance companies - Reliance Life Insurance, Bajaj Allianz General Insurance and L&T General Insurance - this month so far for committing various violations.Irdai in its order against Reliance Life Insurance stated that the life insurer has, amongst others, violated norms related to outsourcing guidelines and for non-compliance to directions issued in a 2014 order. The regulator also flayed the company's board by expressing its displeasure and concern to the board of the life insurer. It also gave directions to the firm's board to take corrective actions. A penalty of Rs 85 lakh was slapped on Reliance Life Insurance alone.In the order against Bajaj Allianz General Insurance, Irdai said the firm had procured business from a certain corporate agency even cancellation of its licence and for issuing policies with risk commencing earlier than the time when premium was ultimately collected, among others. Irdai slapped total penalties worth Rs 15 lakh on Bajaj Allianz General Insurance for violations.In the third order, the regulator imposed fines worth Rs 50 lakh on L&T General Insurance after finding the company guilty of violating [email protected]