By Admin 
Irdai Fines Policy Bazar: The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a fine of Rs 5 crore on the Insurance Web Agriculture Policy Bazar for violation of the Insurance Act and IRDAI (Insurance Web Agreers) Regulations, 2017. Apart from this, the company has also been fined Rs 1 crore due to the premium payment made by the policy holders on time.
Bias in product promotion
According to IRDA, during the inspection of the IWA website of the Policy Bazaar between 1 to 5 June 2020, it was found that only five ULIP plans on the site-Bajaj Aaliyanz Gol Asire, Edelweiss Tokyo Wealth Gain+, HDFC Click2WEALTH, SBI Life E-Weeelt Insuration and ICICI Signs were being shown, the company was being shown. ULIP products of companies were also available, which were not displayed.
It was seen as a partisan promotion of the product. On Tuesday, PB Fintech reported in a filing to the stock exchange that the fine has been imposed for violating the rules related to directorship, outsourcing agents, exhibitions, premium remedies and policies tagging.
Advice to follow rules
IRDA has also advised the company to ensure compliance of all instructions and suggestions in a timely manner. The policy market said that IRDAI inspected him in June 2020, after which the company was issued a notice in October 2024.
On the other hand, the direct impact of IRDA fine on PB Fintech was also seen on the stocks. On Tuesday, its stock started at Rs 1779.75 on BSE. Shortly after that, more than two and a half percent fell to the level of Rs 1736. However, after some time the stock recovered up to one per cent and it came to Rs 1754.
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