Irdai fines Reliance General Insurance over ‘commission’
Reliance General Insurance has been slapped with a Rs 1 crore fine by Irdai in Hyderabad. The insurance regulator found the company illegally routed payouts to brokers and agents through marketing and awareness expenses, effectively disguising them as commissions. This penalty stems from an examination of transactions spanning FY19 to FY21, highlighting a breach of regulatory norms.
Reliance General Insurance has been slapped with a Rs 1 crore fine by Irdai in Hyderabad. The insurance regulator found the company illegally routed payouts to brokers and agents through marketing and awareness expenses, effectively disguising them as commissions. This penalty stems from an examination of transactions spanning FY19 to FY21, highlighting a breach of regulatory norms. What's Your Reaction?
