Irda imposes Rs 20 lakh fine on Future Generali

Wednesday 11, January, 2012 The Insurance Regulatory and Development Authority today imposed a fine of Rs 20 lakh on Future Generali Life Insurance for procuring business through unlicensed agents. Irda in its investigation found out that unlicensed individuals have solicited business for an entity "Insurance For You (Future)" that has not been approved by the Authority as Corporate Agent. "The Insurer's contention that the business booked by the individual agent was inadvertently categorized under corporate agency is not acceptable. The Insurer has also not been able to explain to the satisfaction of the Authority, the reasons for signing of the Agents Confidential Report by persons other than the agent," Irda said in a circular.

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