IRDAI slaps Rs 5 crore penalty on insurance platform Policybazaar for multiple regulatory violations
New Delhi [India], August 5 (ANI): The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty of Rs 5 crore on Policybazaar Insurance Brokers for multiple violations of the Insurance Act, 1938 and related rules and regulations.
In an official statement, the IRDAI said that the action was taken under Section 102 of the Insurance Act, 1938.
