Irdai slaps Rs 4 cr fine on SBI Life Insurance

Insurance regulator Irdai on Friday slapped a penalty of Rs 4 crore on SBI Life Insurance for violation of regulatory norms. As directed under the respective charges, the penalty shall be remitted by the life insurer by debiting shareholders' account within a period of 45 days from the date of receipt of this order, Insurance Regulatory Authority of India (Irdai) said in an order.

The order shall be placed before the Board of the life insurer in the upcoming board meeting and the life insurer shall provide a copy of the minutes of the discussion, it said. The authority had conducted an onsite inspection of the company during the period from October 23, 2017, to November 3, 2017, SBI Life Insurance said in a statement.

Subsequently, the authority raised certain observations which were followed by the showcause notice. The Company submitted a detailed response and had a personal hearing, it said.