Insurance regulator, Insurance Regulatory and Development Authority (IRDA) has imposed a penalty of Rs 50 lakh on SKS Microfinance as a corporate insurance agent; it collected extra funds, apart from the premium, without proper disclosure to policy-holders. The amount would be payable within 15 days from the date of receipt of the order.
As per the order of Insurance regulator, a micro finance institution (MFI), which also operates as a corporate insurance agent, can’t collect more amount than the premium charged for the policy on behalf of an insurance company. SKS Microfinance acted as a corporate agent of Bajaj Allianz Life Insurance Company.
SKS Microfinance (SKS) is a non-banking finance company (NBFC), registered and regulated by the Reserve Bank of India, whose mission is to provide financial services to low-income households. SKS operates across 17 states of India.
| Company Name | CMP |
|---|---|
| Bajaj Finance | 1078.60 |
| Shriram Finance | 1104.90 |
| Aditya Birla Capital | 396.75 |
| Chola Invest & Fin. | 1866.25 |
| Muthoot Finance | 2859.20 |
| View more.. | |
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