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Business Standard
7 days ago
- Business
- Business Standard
Irdai imposes ₹5 crore penalty on Policybazaar for violating norms
The Insurance Regulatory & Development Authority of India (IRDAI) on Monday imposed a penalty of Rs 5 crore on Policybazaar Insurance Brokers for multiple violations. 'Irdai, in exercise of the powers under Section 102 of the Insurance Act, 1938, has imposed a penalty of Rs 5 crore on M/s Policybazaar Web Aggregator Pvt. Ltd. (now known as 'M/s Policybazaar Insurance Brokers Pvt. Ltd.') along with Direction, Advisory, and Caution for various violations established under the Insurance Act, 1938 and Rules and Regulations made thereunder,' IRDAI said in its press release. According to IRDAI, apart from regulatory breaches such as KMPs (Key Managerial Personnel) holding directorships in other companies without prior approval from the insurance regulator, Policybazaar was also found guilty of promoting products in a biased manner and ranking various insurance products as top or best without 'making available any material to the prospects to make an informed choice.' As per the order, the aggregator's website displayed only details of ULIP products from five insurance companies, while the Insurance Web Aggregator (IWA) had agreements with other life insurance companies offering ULIPs. Similarly, under the 'Health' section, there was mention of 'Top plans-health insurance' from 12 insurers in a particular sequence (rating). Although the IWA had agreements with 23 insurers, it only named some products of about 12 insurers as 'Top plans'. The order noted that at the time of inspection (1st to 5th June 2020), the top five ULIP plans displayed on the site were Bajaj Allianz Goal Assure, Edelweiss Tokyo Wealth Gain+, HDFC Click2 Wealth, SBI Life e-wealth Insurance, and ICICI Signature. 'By showing certain insurance products of some insurers as 'Best' or 'Top plans', it has led to the creation of preference and promotion of these insurers and their specific plans only,' the regulator added. Moreover, there were no clear grounds on which these products were marketed as the best or top in their category. The insurance regulator also noted delays in remitting insurance premiums to the insurer. IRDAI's order highlighted that Policybazaar mostly used its own payment gateway and its own nodal account for collecting premiums, with a minimum of three working days required to remit such insurance premiums. Upon examining a selection of 67 insurance policies, IRDAI found that premiums were remitted with delays exceeding 30 days. Additionally, for 8,971 sample insurance policies, delays in remittance ranged from 5 to 24 days. For another set of around 77,033 policies, premiums were remitted after 3 working days, according to the order.
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Business Standard
04-08-2025
- Business
- Business Standard
Policybazaar fined ₹5 crore by Irdai for violations of insurance norms
Insurance Regulatory and Development Authority of India has also issued direction, advisory and caution to the company Press Trust of India New Delhi Regulator Irdai has imposed a ₹5 crore penalty on Policybazaar Insurance Brokers for certain lapses and also cautioned against violating insurance norms. Policybazaar Insurance Brokers was earlier known as Policybazaar Web Aggregator. Insurance Regulatory and Development Authority of India (Irdai) has also issued direction, advisory and caution to the company, according an official statement. The regulator said a penalty of ₹5 crore has been impose on M/s Policybazaar Web Aggregator Pvt Ltd (now known as 'M/s Policybazaar Insurance Brokers Pvt Ltd') along with direction, advisory and caution for various violations" established under Insurance Act, 1938 and Rules and Regulations. Policybazaar was founded in 2008 and has sold over 42 million policies since inception.
News18
04-08-2025
- Business
- News18
Irdai imposes Rs 5 cr fine on Policybazaar Insurance Brokers
Agency: PTI Last Updated: New Delhi, Aug 4 (PTI) Regulator Irdai has imposed a Rs 5 crore penalty on Policybazaar Insurance Brokers for certain lapses and also cautioned against violating insurance norms. Policybazaar Insurance Brokers was earlier known as Policybazaar Web Aggregator. Insurance Regulatory and Development Authority of India (Irdai) has also issued direction, advisory and caution to the company, according an official statement. The regulator said a penalty of Rs 5 crore has been impose on M/s Policybazaar Web Aggregator Pvt Ltd (now known as 'M/s Policybazaar Insurance Brokers Pvt Ltd') along with direction, advisory and caution for various violations" established under Insurance Act, 1938 and Rules and Regulations. view comments First Published: August 04, 2025, 19:30 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
GMA Network
02-08-2025
- Politics
- GMA Network
Marcos designates part of DLSU-Laguna as 'innovation ecozone'
President Ferdinand "Bongbong" Marcos Jr. has designated a parcel of land within the De La Salle University Science and Technology Complex in Biñan, Laguna as a Knowledge, Innovation, Science and Technology (KIST) Ecozone under Proclamation No. 985. According to a palace statement released on Saturday, the 50,000-square-meter parcel of land will be known as the De La Salle University Innovation Hub. It is located at Leandro V. Locsin Campus, Laguna Blvd., Barangay Malamig, City of Biñan, Laguna. The newly designated ecozone is subject to compliance with the provisions of Republic Act No. 7916 or the 'Special Economic Zone Act of 1995' as amended by Republic Act No. 8748, its Implementing Rules and Regulations, and relevant PEZA Board Resolutions, including Resolution No. 23-113 (s. 2023), and previous supporting resolutions. The Palace said that the creation of KIST Ecozone aims to harness the potential of academic institutions in advancing research, skills development, commercialization of R&D, and techno-entrepreneurship, particularly within state universities and colleges. Executive Secretary Lucas Bersamin signed the proclamation on July 30. —VAL, GMA Integrated News
New Indian Express
01-08-2025
- New Indian Express
GHMC food cops flag violations in 35 dark stores
HYDERABAD: The GHMC food safety officials conducted surprise inspections of retail stores, distributors, and delivery points of e-commerce platforms — Zepto, Amazon Fresh, Instamart, BlinkIt, Big Basket, Swiggy, and Zomato — within the circle jurisdiction. They thoroughly checked the food articles, storage facilities, documentation, and initiated action under the provisions of the Food Safety and Standards Act, 2006, and Rules and Regulations, 2011. Up to 35 establishments were inspected by the FSOs and 65 samples were collected. On finding violations, notices are being issued for rectification of defects, and in case of any major violation, adjudication will be filed before the concerned Adjudication Officers. Common violations noticed during the inspections include housefly infestations, absence of medical fitness certificates for food handlers, improper pest management, food and non-food products stored together, and food handlers found without hair caps and gloves.
