The Insurance Regulatory and Development Authority of India has imposed a fine of Rs 51 lakh on four insurance companies including SBI General Insurance for violating certain rules related to motor insurance.
SBI General Insurance has been fined Rs 25 lakh for not fulfilling regulatory commitments for motor third party (MTP) business. The Regulatory Body IRDA (IRDA), Liberty General Insurance Ltd. A fine of Rs 13 lakh has been imposed on Bajaj Allianz General Insurance Company and Rs 3 lakh on Royal Sundaram General Insurance Company.
In its order regarding SBI General Insurance, IRDA has stated that the insurance company has not fulfilled the MTP commitments for FY 2017-18. At the same time, Liberty General Insurance Company has been fined Rs 13 lakh for violation of certain provisions of the Motor Insurance Service Provider (MISP) guidelines.
Bajaj Allianz General Insurance has been fined Rs 10 lakh for violation of certain provisions of the Insurance Act, 1938. At the same time, in the case of Royal Sundaram General Insurance, IRDA has imposed a fine of three lakh rupees for violation of MISP guidelines.