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Regulator Irdai has imposed a penalty of Rs 15 lakh on HDFC Standard Life Insurance for violation of various regulations including the one for payment to brokers under the name of skill building, reported PTI. On scrutiny of the documents pertaining to the observation, it is found that the employees of the brokers were sponsored for foreign trips in the name of training, Irdai said in its order.
Certainly, foreign trips to the employees of the brokers influence the brokers to sell the products of a particular insurance company by acting as a defacto-agent thereby defeating the objective of insurance broking model, it said. Hence treating this is as a violation of regulation Irdai levied a penalty of Rs 5 lakh on the life insurer.
SUBSCRIBE US http://www.ripplesadvisory.com/free-trial.php
Regulator Irdai has imposed a penalty of Rs 15 lakh on HDFC Standard Life Insurance for violation of various regulations including the one for payment to brokers under the name of skill building, reported PTI. On scrutiny of the documents pertaining to the observation, it is found that the employees of the brokers were sponsored for foreign trips in the name of training, Irdai said in its order.
Certainly, foreign trips to the employees of the brokers influence the brokers to sell the products of a particular insurance company by acting as a defacto-agent thereby defeating the objective of insurance broking model, it said. Hence treating this is as a violation of regulation Irdai levied a penalty of Rs 5 lakh on the life insurer.
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