Insurance regulator slaps Rs.1.5 million fine on IndusInd Bank

July 6th, 2012 - 1:02 am ICT by IANS  

Chennai, July 5 (IANS) The Insurance Regulatory and Development Authority (IRDA) Thursday slapped a fine of Rs.1.5 million on private IndusInd Bank for violation of corporate agency regulations.

IndusInd Bank is the corporate agent for Cholamandalam MS General Insurance Company Ltd, a part of city based Murugappa group, and Aviva LifeInsurance Company Ltd.

The penalty order was uploaded on IRDA’s website Thursday.

The IRDA has levied the penalty as IndusInd Bank was in receipt of excess remuneration than what is permitted by the regulations during the years 2007-08, 2008-09 and 2009-10.

Incidentally IRDA had levied a penalty of Rs.1 million on Cholamandalam MS General last August for paying excess remuneration to IndusInd Bank for the years 2007-08 and 2008-09.

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