Insurance regulator IRDA today gave a clean chit to Life Insurance Corporation of India, the largest insurance company in India, in the case of alleged violation of rules pertaining to transfer of profits among its various schemes.
The insurance watchdog earlier said it would launch an investigation in to the books of LIC pertaining 2009-10.Online GST Certification Course by TaxGuru & MSME- Click here to Join
IRDA chairman J Harinarayan said there is no violation committed by the LIC and it was just an actuarial shortage as to the current actuarial estimates.
An investigation done earlier by Insurance Regulatory and Development Authority (IRDA) revealed that there was deficit of around Rs 14,000 crore in one account covering annuity policies that offered high assured returns.
“This is not a real cash shortage.