IndiaInsurance
17th November 2010, 05:54 PM
The Insurance Regulatory and Development Authority (IRDA) has imposed a fine of Rs 10 lakh on Anil Ambani Group company Reliance Life Insurance Company for violating the norms. In an order issued by IRDA chairman J Hari Narayan which was posted on the official website of the regulator, Reliance Life was directed to pay the penalty for paying excess referral fees and not following the regulatory guidelines with respect to group products. The insurance regulator has observed that Reliance Life had paid excess referral fees than envisaged in the referral guideline. In its reply to the IRDA, the company had ...
More... (http://in.biz.yahoo.com/101117/50/bawjmy.html)
More... (http://in.biz.yahoo.com/101117/50/bawjmy.html)