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Insurance Regulatory and Development Authority (IRDA) has slapped a fine of Rs 20 lakhs on Future Generali Life Insurance for violation of norms.
According to IRDA, Future Generali permitted various unlicensed individuals to solicit and procure business through Insurance For You (Future) when the entity itself was not licensed i.e approved by the Authority as Corporate Agent.
In April, 2011, IRDA carried out an onsite inspection at the Hyderabad Branch of Future Generali to investigate business by the unlicensed – Insurance For You (Future).
In its circular, IRDA said, "The Insurer's contention that the business booked by the individual agent was inadvertently categorized under corporate agency is not acceptable. The Insurer has also not been able to explain to the satisfaction of the Authority, the reasons for signing of the Agents Confidential Report by persons other than the agent."
The authority has ordered Future Generali to pay a fine of Rs 20 lakh within 15 days from the date of receiving the order.