IRDAI imposed Rs 5 lakh fine on United India Insurance Company - (Banking)

08-01-2019

Insurance regulatory body IRDAI(Insurance regulatory and development authority of india) slapped a fine of Rs 5 lakh on UIIC (United India Insurance Company) for violating norms regarding the settlement of motor claims.IRDAI received few complaints of general insurance settlements on less amounts than  the insured value by the UIIC.IRDAI inspected by visiting site and imposed a fine on United India Insurance Company.

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