IRDAI Imposes Rs 3 Crore Penalty On Max Life Insurance Over Rules Violation

Max Life Insurance has been fined Rs 3 crore by the insurance regulatory body IRDAI for violating norms.

According to IRDAI, norms were violated in some of the transactions carried out by these two companies.

Generally, Axis Bank is the corporate agent of Max Life Insurance Company.

IRDAI has announced that Axis Bank will have to pay a penalty of Rs 2 crore within the next 21 days.

Max Life Insurance Company will have to pay a penalty of Rs 1 crore.

IRDAI said the transaction violated the Payment of Commission, Remuneration and Remuneration to Insurance Agents Rules, 2016

The max life insurance was fined Rs 3 crore, and the bank was fined an equivalent amount

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