IRDAI, the insurance sector regulator has imposed a penalty of Rs 10 lakh on Max Life Insurance Company for violating the norms related to outsourcing and file & use clause.

Insurance Regulatory and Development Authority of India has said in an order that “In conclusion, as directed under the respective charges, the penalty of Rs 10 lakh shall be remitted by the life insurer by debiting shareholders’ account within a period of 15 days from the date of receipt of this order.”

The case is related to an onsite inspection of Max Life Insurance during February 25 to March 7, 2013.

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