NEW DELHI: Insurance regulator Irda on Friday imposed a fine of Rs 70 lakh on SBI Life Insurance for paying excess commission to the agents in violation of the group insurance guidelines.
"Considering the gross and continued nature of the violations, the Authority has come to the conclusion that it is just and proper to impose a penalty of Rs 5 lakh each for such payments made in 14 instances to Corporate Agents and Master Policy Holders totalling Rs 70 lakh," Irda said in an order.
The Insurance regulatory and development Authority (Irda) said that as per the guidelines, SBI Life was required to pay group administration expenses to Master Policyholders.
Under the guidelines, insurers can pay commission only to agents or corporate agents within the limits prescribed by the Authority.
SBI Life, Irda added, has paid commission to 14 master policyholders in violation of the guidelines.
"The insurer has failed to adhere to the guideline every time such payment is made," added the order, issued by Irda Chairman J Hari Narayan.
SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Cardif. SBI owns 74 per cent of the total capital and BNP the remaining 26 per cent.
~
Source : ET
At Sampark Online Finserv LLP, we provide financial advice and distribute various investment products with the most efficient & widest range, customized specifically to your NEEDS..@ Whether you are keen on small investments or playing it big, We provide financial advice and distribute various investment/financial products with the most efficient & widest range, customized specifically to your NEEDs.
Subscribe to:
Post Comments (Atom)
Popular Posts
-
बहुत समय पहले की बात है, सुदूर दक्षिण में किसी प्रतापी राजा का राज्य था . राजा के तीन पुत्र थे, एक दिन राजा के मन में आया कि पुत्रों को को क...
-
#Yoga and #SIP 1. #Consistency and #Discipline: - Just as yoga requires regular practice, commit to contributing to your SIP co...
-
No one can destroy iron But its own rust can Likewise No one can destroy a person But his own mind! Our thoughts change our Life ...
-
8 MILLIONS CHILDREN ARE NOT IN SCHOOL : THE POWER OF YOUR WORDS CAN HELP CHANGE THEIR LIVES .. JOIN THE MOVEMENT NOW
-
7 Steps to Wealth Creation Building #wealth is a #journey that starts with the right #mindset and #habits. If you're part of the younger...
-
Gold has always fascinated us Indians but do you know how prices of gold have varied in India. I happen to visit RBI website which pub...
-
Relationship is like a musical instrument First u must learn to play by the rules & then u must forget D rules & play from D Heart....
-
The road to upward mobility is best traveled by name-droppers. While Page Three parties might be the epitome of air-kissing and social name ...
-
Will is termed as the legal declaration of a person’s intention that he wishes to be performed after his death. When once the Will is mad... -
Worry & Faith cant Exist Together Worry Ends where the Faith Begins.. Never Say Don't Worry.. Always Say Have Faith..@ G...
No comments:
Post a Comment