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₹1.11 cr Penalty Imposed on Policybazaar
August 30, 2019
India’s top insurance aggregator Policybazaar has been fined ₹1.11 crores by the Insurance Regulatory and Development Authority of India (IRDAI). The insurance regulator said that Policybazaar had partnered with a non-insurance company “Indian Health Organization by Aetna” (IHO) and offered perks to its customers in a way that they violated the regulations set by the government.
The regulator said that Policybazaar also displayed the services of IHO on its website which violates the rules. This is because these companies are not permitted to promote the products and services of other companies.
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