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Penalty Details
The Insurance Regulatory and Development Authority of India (IRDAI) has levied a penalty of Rs 2 crore on HDFC Life Insurance for violating various norms. The fine must be paid within 45 days, and additional directives have been issued.
Violations and Directives
IRDAI cited breaches related to policyholders’ interests, web aggregators, and insurance distributors. HDFC Life must review vendor management agreements, perform due diligence before outsourcing contracts, and submit a detailed action plan on these contracts and other violations to the regulator.
Compliance and Reporting
The insurer is required to present the order to its board and submit the meeting minutes to IRDAI. An action taken report detailing compliance with the directives must be submitted within 90 days. If dissatisfied with the order, HDFC Life can appeal to the Securities Appellate Tribunal.
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