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IRDAI imposes Rs 1cr fine on UIB Insurance Brokers for flouting premium remittance rules

IRDAI imposes Rs 1cr fine on UIB Insurance Brokers for flouting premium remittance rules

by AIP Online Bureau | Feb 19, 2025 | Indian News, Intermediaries, Non-Life, Regulation, Reinsurance

According to the IRDAI, the broker does not have any right over the insurance premiums so that the amounts are timely remitted to the respective parties to ensure the coverage and payment of claims and thus protect the interest of the policyholders. These are the...

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