Bajaj Allianz General Insurance Company Ltd. was fined Rs. 10 lakh by IRDAI for violation of the Insurance Act and its Motor Insurance Service Provider (MISP) guidelines.
IRDAI, in its order, has said that Bajaj Allianz General had solicited 2,214 motor insurance policies between November, 2017 and January, 2018 involving a premium of about Rs. 1.44 crore. The regulator had said the company had sold the policies through 90 unregistered entities. Exercising its powers under Section 105C of the Insurance Act the IRDAI levied a penalty of Rs. 10 lakh on Bajaj Allianz General.
According to IRDAI, the penalty should be paid online after debiting the company shareholder’s account.