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.
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