IRDAI issues further directions to Policybazaar after Rs.50 million penalty

IRDAI issues further directions to Policybazaar after Rs.50 million penalty

The online aggregator helps users choose insurance coverage

The Insurance Regulatory and Development Authority of India (IRDAI) has issued additional directions to Policybazaar, after imposing Rs.50 million ($570,000) on the company earlier.

The online insurance aggregator arm of PB Fintech, Policybazaar was fined for regulatory lapses, including directorships held by key managerial personnel. IRDAI also observed violations related to tagging of policies and premium remittances.

The insurance regulator inspected Policybazaar in June 2020, following which, in October 2024, PB Fintech was sent a show-cause notice. After submissions and personal hearings, the fine was slapped.

However, PB Fintech said, “The order will not have any impact on Policybazaar's operations.”