ICICI, IFFKO TOKIO, ROYAL SUNDARAM, BAJAJ ALLIANZ, NEW INDIA ASSURANCE & NATIONAL INSURANCE fined by IRDA.

These six companies had granted licenses to five group entities belonging to same promoter M/S Maruti Suzuki India Ltd. to act as corporate agents on their behalf.

As per rule, corporate agent can sell the products of only one Life Insurance Company & One General Insurance Company.

M/s Maruti Suzuki India Ltd holds 99.99% stake in five other group entities which were also acting as corporate agents of other insurance companies.

These six insurance companies have failed to verify compliance with these corporate agents while granting or renewing license

All the six insurance companies have been slapped with a fine of Rs5 lacks each for flouting the rules laid by the regulator.

sources: IRDA