The Insurance Regulatory and Development Authority (IRDA) in India has slapped a series of penalties of INR17.7m ($292,311) on Reliance Life Insurance for breach of sectoral rules.
Of the total charges imposed, a maximum fine of INR6.5m ($107,346) was charged for obtaining insurance business from unlicensed entities.
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Among other charges imposed by the regulator on Reliance life was a fine of INR5m ($82,574) for breach of marketing and publicity norms.
IRDA said in an order that the total penalty shall be remitted by the life insurer by debiting shareholders’ account over a period of 15 days from the date of issuance of the order.
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