Insurance aggregator, Policybazaar has been penalised by the Indian insurance regulator for regulatory lapses.
The insurance aggregator was fined INR50m ($570,000) for regulatory lapses including directorships held by key managerial personnel. The IRDAI action against the company follows violations under the Insurance Act, 1938, and associated rules and regulations. These include violations related to tagging of policies and premium remittance.