IRDAI fines Policybazaar Rs5 crore for violations
According to the Insurance Regulatory and Development Authority of India (IRDA), the fine was levied under Section 102 of the Insurance Act, 1938 for various violations of the Act, Rules and the Regulations.
The IRDAI has also issued directions, advisory and caution to the insurance web aggregator.
The IRDAI has directed the company to remit the penalty within a period of forty-five days from the date of receipt of this order.
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