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In an order issued by him, IRDA chairman T S Vijayan asked the company to distribute wrongful payments of Rs 84.31 crore to the members/beneficiaries of respective group insurance policies.
In October 2012, the IRDA had ordered SBI Life to distribute the wrongful payments made to some of its Master Policyholders.In June 2008, IRDA during an onsite inspection at SBI Life found that the company had paid Rs 204.71 crore to 14 Master Policyholders in contravention of its regulations.
In 2011, the regulator had levied on SBI Life a fine of Rs.70 lakh reserving its rights to take further action on the matter. And in 2012 the regulator ordered the life insurer to distribute Rs 84.31 crore to the members/beneficiaries of the respective group insurance policies.
In October 2012, the IRDA had ordered SBI Life to distribute the wrongful payments made to some of its Master Policyholders.In June 2008, IRDA during an onsite inspection at SBI Life found that the company had paid Rs 204.71 crore to 14 Master Policyholders in contravention of its regulations.
In 2011, the regulator had levied on SBI Life a fine of Rs.70 lakh reserving its rights to take further action on the matter. And in 2012 the regulator ordered the life insurer to distribute Rs 84.31 crore to the members/beneficiaries of the respective group insurance policies.
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