Insurance regulator IRDA has imposed a fine of Rs 10 lakh on Anil Ambani Group company Reliance Life Insurance Company for violating the norms. The company was directed to pay a penalty of Rs 10 lakh and was asked to adhere strictly to the guidelines in future, said an order by IRDA chairman J Hari Narayan which was posted on the official website of the regulator today.
Reliance Life, according to the order passed in August by the Insurance Regulatory and Development Authority, was fined for paying excess referral fees and not following the regulatory guidelines with respect to group products.
The order followed a meeting between the IRDA officials and Reliance Life management in July, during which six charges were discussed.
No comments could be obtained immediately from Reliance Life.