IRDAI penalizes Maruti Insurance Brokers for violating norms

A penalty of Rs 3 crore has been levied on Maruti lnsurance Brokers Pvt Limited (MIBL) by IRDAI in the context of various regulatory norms. MIBL is the largest insurance broker in the country. On various counts, the IRDAI has found the MIBL violating Motor Insurance Service Provider (MISP) guidelines, inclusive of the one related to empanelment of general insurers. “It (MIBL) carries in its name, the name of the largest and the most popular car manufacturer in the country, that is associated with quality and reliability,” stated the IRDAI order. “MIBL was expected to act diligently and with utmost care and responsibility. Unfortunately, MIBL failed in complying with the MISP Guidelines which had been created to protect the interest of the policyholders and other stakeholders,” said the order.