The Insurance Regulatory and Development Authority of India (IRDAI) has fined Bajaj Finance Rs 2 crore and Aegon Life Insurance (now known as Bandhan Life) Rs 1 crore for violating norms.
The insurance regulator has fined Bajaj Finance Rs. 1 crore for discrepancies in the reconciliation of commission and professional fees received and reported to the authority. Additionally, a penalty of Rs. 1 crore was imposed for failure to maintain records of customer documentation. Irdai has also issued further directions to the company and advised it to comply with these directions within a specified timeframe.