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Irdai imposes ₹5 crore fine on Policybazaar for regulatory lapses
New Delhi
Insurance regulator Insurance Regulatory and Development Authority of India (irdai) has fined PB Fintech's online aggregator arm, Policybazaar, and has levied a penalty of ₹5 crore.
Policybazaar, the online aggregator arm, has been fined for violation of provisions of applicable IRDAI Regulations concerning certain aspects of directorships held by Key Managerial Personnel (KMPs) and principal officer (PO), product display, Outsourcing Agreements, tagging of policies, and premium remittance, the company said in an exchange filing.
The company also added that the regulator inspected Policybazaar in June 2020, following which PB Fintech received a so-called show-cause notice in October 2024.
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