IRDA, the insurance sector regulator in India has fined 2 general insurance companies, 1 health insurance company and 2 life insurance companies for non-compliance with various regulations laid down by them. The total penalty imposed was Rs. 50 lakhs and the majority of it came as the result of non-compliance towards meeting their rural and social obligations. The General Insurance Council was fined for non-compliance to investment norms.
While HDFC Ergo, LIC, HDFC Life and GIC were fined Rs. 5 lakhs each, Apollo Munich Health Insurance was fined Rs. 10 lakhs and Reliance General was fined Rs. 20 lakhs.
The table below shows the split of penalty imposed from April 2009 to March 2010.