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Insurer Penalized Rs. 1 Crore for Unauthorized Premium Collection Violating Policyholder Protection Regulations

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Full Text of the Document

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....The AT upheld the regulatory violation by the insurer for collecting advance renewal premiums without proper documented consent, in contravention of IRDA (Protection of Policyholders' Interests) Regulations, 2002. The tribunal rejected the insurer's arguments regarding corporate agent practices and regulatory compliance. The penalty of Rs. 1 crore was deemed proportionate, with the appeal partially allowed. The final order mandated the insurer to refund interest to policyholders limited to the actual advance premium received, with an additional 2% penal interest, thereby affirming regulatory oversight and policyholder protection principles.....

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