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

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

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[{"selector":"#anim-b2d53154-e99d-4e01-8a49-90a18854e060 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(0%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":500,"duration":4000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-02ecbf33-e984-4651-928a-a85fa25922ec","keyframes":{"opacity":[0,1]},"delay":500,"duration":4000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-421268cb-d3d5-4c42-94e3-36b43966ae8b","keyframes":{"transform":["translate3d(-114.87342%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":500,"duration":4000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4d635eae-b21f-406f-953c-e7b72ace3fdf [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(0%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":500,"duration":4000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-41d80a71-67f7-4cac-99ad-da272a2b8388 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(0%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":500,"duration":4000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-c52d60f7-6edc-4524-bee4-e953ded234e7 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(0%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":500,"duration":4000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-9b298333-16a1-4842-9cb9-1694dfa5b147 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(0%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":500,"duration":4000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-9c63187a-3bbe-41e5-8c97-ae8a11ea3479 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(0%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":500,"duration":4000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-f12b5512-c2df-4909-9070-1a532be01579 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(0%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":500,"duration":4000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-e97e0421-f6ae-4dcc-a619-70d13a2d2ad3 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(0%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":500,"duration":4000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-1402c23a-a938-4ef3-a55c-7a8d7762b94e [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-33.68749990101638%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":500,"duration":4000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] 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

[{"selector":"#anim-df1f7b6e-56f6-49fe-84e5-9547bb413468 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(0%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":500,"duration":4000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-1f40292a-88f5-44d9-9ef1-b5c742b16508","keyframes":{"opacity":[0,1]},"delay":500,"duration":4000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-20830915-466d-4347-b4e2-793e39a60124","keyframes":{"transform":["translate3d(-115.50632%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":500,"duration":4000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6109fffc-67f5-45fd-a17c-b8d22cf87119 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(0%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":500,"duration":4000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-b8d8c9be-1987-40ed-ab75-9ff06fae6e95 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(37.10937492178019%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":500,"duration":4000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}]

[{"selector":"#anim-01a297e5-c968-4690-89d0-6e511c830c01 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(0%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":500,"duration":4000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-f3ee1846-6a23-4b6c-9845-412092f64561 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(0%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":500,"duration":4000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-9b18af83-b6da-455e-bf82-f3b6e34cffe2 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-33.68749990101638%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":500,"duration":4000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-1cd0e59a-d135-4da4-bf21-eca373dabaae","keyframes":{"opacity":[0,1]},"delay":500,"duration":4000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b0bddac1-fd4f-472c-9c0d-248c63ef5a39","keyframes":{"transform":["translate3d(114.46540%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":500,"duration":4000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] The max life insurance was fined Rs 3 crore, and the bank was fined an equivalent amount

RBI imposes Rs 5 lakh penalty on LIC Housing Finance

[{"selector":"#anim-25e19d3b-e124-47a9-85dc-f82537663aad [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(0%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":500,"duration":4000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-a1665a31-7753-4fd4-b644-656a619c3dc5 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":500,"duration":4000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Click to read