Mumbai: India's insurance watchdog Insurance Regulatory and Development Authority (IRDA) has imposed a fine of Rs 2.8 million on Shriram Life Insurance Co Ltd for violating regulatory norms.
The fine was slapped on the private sector life insurer for non-payment to referral partners, misuse of the regulator's circulars and violation of ULIP (unit-linked insurance plan) guidelines, among others, IRDA said in a statement recently.
Shriram Life Insurance is a joint venture between Indian financial services conglomerate Shriram Group and South Africa's life insurance provider Sanlam Group.
Recently, IRDA cancelled the corporate agency license of Kolkata-based Abira Insurance Services Ltd for violating regulatory norms.
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