Insurance regulator IRDAI (Insurance Regulatory and Development Authority of India) has imposed a penalty of Rs 1 crore each on ICICI Lombard GIC and Tata Tata AIG General Insurance Company over violation of various norms.
As per IRDAI's order on ICICI Lombard GIC, it violated Regulation 4 (a & b) and 3(d) of IRDA (Health Insurance) Regulations, 2013.
The violations with regard to certain provisions in relation to health policies were observed by the regulator after its onsite inspection from 3 to 14 August 2015, it said.
In a separate order, IRDAI said its has imposed penalty on Tata AIG General Insurance Company in connection with the on-site inspection during 5-7 March, 2018 of Tata Capital Financial Services Ltd (the Corporate Agent). It said that the insurance agent had violated provisions of Reg. 3(2) and 3(3) of IRDA (Protection of Policyholders' Interests) Regulations, 2002.
On Thursday, shares of ICICI Lombard GIC touched an intraday low of Rs 1,308.20 apiece.