IRDAI imposes Rs25 lakh penalty on SBI General Insurance for non-compliance

Published On: Thursday, April 22, 2021 | By: Team KnowMyStock

Insurance Regulatory and Development Authority (IRDAI) has imposed a penalty of Rs25.00 lakh on SBI General Insurance Co. Ltd., an unlisted subsidiary of State Bank of India for non-compliance with minimum obligations under Motor Third-Party Business as specified in IRDAI Regulation, 2015 for the financial year 2017-18. It has been imposed for violation of Section 32D of the Insurance Act, 1938, the State Bank of India said in a regulatory filing on Tuesday.SBI is an Indian multinational, public sector banking and financial services statutory body. As of 31 March 2021, the Government of India held a 57.63% stake while Life Insurance Corporation of India held a 9.25% stake in the bank. Shares of SBI Life Insurance Company Ltd ended at Rs.914 per piece up by Rs15.7 or 1.75% from its previous closing of Rs898.30 per piece on the BSE.

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