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 has also issued direction, advisory and caution to the company, according to 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.
Policybazaar was founded in 2008 and has sold over 42 million policies since inception.
RECOMMENDED FOR YOU
Ajay Seth Appointed IRDAI Chairman For Three Years
Jul 24, 2025
Chinese Dark Web Syndicates Siphoning Crores Daily Through Mule Accounts From India: CloudSEK
Jul 15, 2025
Insurance Regulator In Intense Discussions With Companies For Listing
Jul 02, 2025
PB Fintech Block Deal: Ghisallo, ICICI Prudential, HDFC Life Top Buyers After Co-Founders Pare Stake
Jun 26, 2025
POPULAR