The report published by IRDAI in this case mentioned that Apollo Munich has been fined for violating certain norms-
- Selling policies through the website of makemytrip.com, which is not authorized to sell insurance.
- Booking business through agents whose license had expired.
- Accepted risks prior to issuing receipt of premium, in the range of Rs. 16-41 lacs per month during 2009-10.
After receiving clarification from Apollo Munich, IRDAI summarized the penalty as below –
- 15 lacs for selling policies through the website of makemytrip.com
- 05 lacs for getting business through agents whose license had expired.
IRDAI fines Apollo Munich for violating norms
Last Updated: Apr 23, 2015 | 304 Views