IRDAI Issues Show Cause Notice To Religare Enterprises Subsidiary
Religare Enterprises Ltd. on Monday said that its subsidiary Care Health Insurance Ltd. has received a show cause notice from the Insurance Regulatory and Development Authority of India.
According to the exchange filing, IRDAI had issued “a letter of advice and a show cause notice” to Care Health Insurance on Dec. 13, 2024. Religare stated that it had received the communication on Monday.
The notice follows the regulator's inspection of the health insurance firm between Aug. 30, 2021, and Sept. 9, 2021, and the submissions made by the Religare subsidiary regarding the inspection.
The letter, which advises caution to Care Health Insurance, has been issued in respect of non-compliance with provisions of various clauses included in the provisions of the regulatory framework of IRDAI. It requires the company to confirm its compliance within 21 days of receiving it.
According to Care Health Insurance, it is in the process of ensuring that the directions in the advisory letter are complied with. The firm added that it will furnish its reply to the show-cause notice along with the supporting documents.
“The company believes that there is no financial or operational impact on the Company or CHIL at this stage,” Religare Enterprises' exchange filing stated.
In the quarter ended Sept. 30, the company had logged a 70% jump in consolidated net profit to Rs 68.49 crore, as compared to Rs 40.35 crore in the year-ago period.
The total revenue in the July-September period increased to Rs 1,971 crore from Rs 1,586 crore in the same quarter of the past fiscal.
Shares of Religare Enterprises closed 0.69% lower at Rs 301.25 apiece on the BSE, compared to a 0.47% decline in the benchmark Sensex.
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