Max Life is all set to pay the penalty Rs 3 crore imposed by the Insurance Regulatory and Development Authority of India (IRDAI). The company has taken this step in a view to pave the way for the future including strengthening the long-term strategic partnership with Axis Bank and avoid unnecessary and long legal escalations.
Recently, in transactions involving Axis Bank and Max Financial Services (MFSL) with respect to transfer of shares of Max Life, a material subsidiary of MFSL, which were all duly approved by the Board and Shareholders of Max Life and MFSL, Insurance Regulatory and Development Authority of India vide an order issued to Max Life imposed a penalty aggregating to Rs. 3 crore alleging non-compliance of certain terms of its approvals granted.
Max Life Insurance Company is a Joint Venture between Max Financial Services and Axis Bank. Max Life offers comprehensive protection and long -term savings life insurance solutions, through its multi-channel distribution including agency and third -party distribution partners.
Max Financial Services is a part of the Max Group.
Company Name | CMP |
---|---|
Max Financial | 922.25 |
Delphi World Money | 191.50 |
SBFC Finance | 81.30 |
Anand Rathi Wealth | 4194.95 |
Prudent Corporate | 1648.55 |
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