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.
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