IRDAI Slaps INR 5 Cr Fine On Policybazaar For Flouting Norms

Policybazaar Insurance Brokers failed to disclose that several of its key managerial personnel, including its former principal officer, held directorships in other companies

The IRDAI order also outlined the violations related to lack of clarity in outsourcing agreements with insurers

IRDAI also found that the company had delayed transferring insurance premiums collected from customers to the respective insurers

The Insurance Regulatory and Development Authority of…