This development was disclosed by HDFC Life in a recent filing to the stock exchange, highlighting significant regulatory noncompliance issues identified during an inspection.
The IRDAI's decision to impose this penalty followed an onsite inspection carried out in September 2020. The inspection scrutinized the financial operations of HDFC Life over three fiscal years: 2017-18, 2018-19, and 2019-20. The primary focus of this inspection was to assess compliance with regulations aimed at safeguarding policyholders' interests and the company's adherence to rules regarding the outsourcing of services.
Of the total penalty, Rs 1 crore was specifically imposed for violations related to the protection of policyholders' interests. This aspect is critical in ensuring that insurance companies prioritize the rights and benefits of their policyholders, maintaining transparency, fairness, and efficiency in their operations. The infractions found in this area raised concerns about how well HDFC Life was serving its policyholders and adhering to the standards set by IRDAI to ensure policyholder protection.
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Man kills neighbour for interfering in dispute
According to the police, the incident occurred on Wednesday when the accused, Dhiraj, was abusing and assaulting his wife.
North East Festival kickstarts at Major Dhyan Chand stadium
The 12th edition of the North East Festival kick-started on Friday at the Major Dhyan Chand National Stadium in New Delhi.
Man stabs wife in Delhi's Samayapur Badali
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Delhi Cracks Down on Illegal Meat Slaughtering
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'Sarai Kale Khan Chowk renamed Birsa Munda Chowk'
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SC NOTICE TO CENTRE ON SEX WORKERS' REHABILITATION
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The Punjab and Haryana High Court in the case Dr Dheeraj Sharma Versus Union of India And Another observed and has dubbed as 'frivolous' the application to recall its order paving way for Central government to take action against IIM Rohtak's Director Dheeraj Sharma for allegedly concealing that he is not qualified for the post.
SC Criticizes Odisha's Soft Stance On BJP MLA Accused Of Slapping Woman Officer: 'Color Of Uniform Does Not Change With Govt Change'
The Supreme Court in the case Jayanarayan Mishra Versus The State Of Odisha while calling out BJP-led Odisha government's mellowed stance on anticipatory bail plea of a BJP MLA accused of slapping a woman police officer during a protest in 2023.
SC Dismissed Plea To Direct Doctors To Specify Side Effects Of Medicines In Prescriptions
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