IRDAI has imposed fine of ₹ 0.5 million on Iffco Tokio and Royal Sundaram for violating motor tariff claims and file & use guidelines. The companies has faced charges of settling lesser amounts than the insured declared value in case of motor vehicle total loss/theft claims, as per two separate orders against the two firms.
The authority had conducted focused onsite inspection of the insures in matters related to total loss and/or theft claims during the period 2009-10 and 2010-11. The penalty of Rs 5 lakh shall be remitted by the insurer(s) through NEFT/RTGS by debiting shareholders’ account within a period of 15 days from the date of receipt of this order.
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