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IRDAI fined Reliance General Insurance ₹1 crore for breaking rules related to intermediaries, outsourcing, and governance.
• Issues found included payments to related parties, dealing with unlicensed entities, and weak controls.
• This shows IRDAI is now strictly monitoring insurers, brokers, and agents.
Why it matters now
• New Insurance Laws Amendment Bill 2025 gives IRDAI more power.
• Focus areas:
• Proper licensing
• No mis-selling
• Clean commissions & payments
• Strong compliance and governance
Key takeaway for brokers & agents
• Compliance is critical, not optional
• Mis-selling will be punished
• Licenses and business are at real risk if rules are ignored
Message from IRDAI:
👉 Grow your business, but sell ethically and stay compliant.
financialliteracy
moneytipsindia
riskprotection
healthinsuranceindia
motorinsurance
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businesscompliance
ethicalbusiness
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indianbusiness
23/12/2023
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