Rs 1 crore fine imposed on Tata AIG and ICICI Lombard by IRDAI

The IRDAI has imposed a penalty of Rs 1 crore on ICICI Lombard General Insurance for selling group personal accident policies and individual personal protect policy beyond the permitted period. Tata AIG General Insurance has also been been penalised by IRDAI for the violation of certain norms related to renewal premium collection.

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