Non-life insurer SBI General Insurance Company Ltd was fined Rs.25 lakh (2.5 million) by the Insurance Regulatory and Development Authority (IRDAI) for violation of regulations relating to motor third party insurance obligations.
According to the IRDAI, the insurer did not fulfil its minimum obligation relating to underwriting motor third party insurance during 2017-18.
In its order, the IRDAI had said that considering the repetitive nature of the violation and the magnitude of violation, a penalty of Rs.25 lakh is levied on SBI General Insurance.
According to IRDAI, the penalty should be paid online after debiting the company shareholder`s account.
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