Insurance
Regulatory and Development Authority of India has imposed penalty of Rs. 10
Lacs to M/s. PNB MetLife Life Insurance Company limited due to several
non-compliances of its regulations. Authority instructed to insurer to deposit
the amount by debiting shareholders account. Authority had inspected books,
documents of the insurer for the financial year of 2011-12 and 2012-13. Total
charges made to insurer are 11 and out of them penalty are imposed on 2
charges. The summary of areas where penalty has imposed areas under:-
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Charge No.
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Brief Title of Charges
and the provisions violated
|
Decision of the
Authority
|
|
1.
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Charge:
Reinstatement of policies after the date of Maturity.
Provision:
The terms and conditions of the policy as filled and approved file and use.
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Penalty of Rs.
5,00,000/-
|
|
2.
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Charge: Using the
services of many external service providers, for the purpose of lead
generation.
Provision: Clause
10.6 of annexure of Guidelines on Unit Linked Insurance Products dated
21/12/2005.
|
Penalty of Rs.
5,00,000/-
|
Total
Penalty imposed by Authority to the Insurer is Rs. 10,00,000/- (Ten Lacs only) for
more details you may visit official website of Insurance Regulatory and
Development Authority of India i.e. https://www.irdai.gov.in/ . The inspection
activities of IRDA of India has always protect interest of Policy Holders and
make strong believe towards safe insurance amongst all people of the country.
PNB Metlife is the calibration of Punjab National Bank and Met Group.
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