Chennai, Apr 16 (IANS): City based Royal Sundaram General Insurance Company Ltd was fined Rs 3,00,000 and also warned by Insurance Regulatory and Development Authority of India (IRDAI) for violation of norms.
Royal Sundaram was penalised for violation of Motor Insurance Service Provider (MISP) guidelines.
The IRDAI has also warned Royal Sundaram for non submission of information that was sought by it and directed to ensure submission of information and documents sought during its inspections.
The insurance regulator has taken the decision on the show cause notice dated 21.8.2020 issued to Royal Sundaram following its onsite inspection of the insurer on August 8-10, 2018.
According to IRDAI, the penalty should be paid online after debiting the company shareholder's account.