New Delhi: Insurance regulator IRDAI has slapped a penalty of Rs 1 crore each on Tata AIG General Insurance Company and ICICI Lombard GIC for violation of norms and regulations.
ICICI Lombard was imposed with the penalty by Irdai for violating certain provisions related to health insurance policies. The company has also been provided with certain directions and advisory to follow by Irdai.
Tata AIG General Insurance Company was slapped with the penalty by Irdai in a separate order for violation of provisions related to protection of policyholders’ interest.