India's 1st IRDAI Approved Insurance Web Aggregator
IRDAI fines Apollo Munich for violating norms
IRDAI fines Apollo Munich for violating norms
Apr 23, 2015 | 200 VIEWS
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.

Leave a Comment