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03-Aug-24

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IRDAI imposes penalty Rs 2 Crore on HDFC for Violations

The Insurance Regulatory and Development Authority of India (IRDAI) has fined HDFC Life Insurance Rs 2 crore for breaking various rules.

The company has 45 days from receiving the order to pay the penalty and must follow additional guidelines issued by the regulator.

IRDAI found that HDFC Life violated rules regarding policyholders’ interests, web aggregators, and insurance distributors.

This penalty comes after an onsite inspection by IRDAI in September 2020, which reviewed the company’s operations for the financial years 2017-18, 2018-19, and 2019-20.

By: Brijesh Kumar

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