CURRENT AFFAIRS

Detailed explanation-1: -Insurance sector regulator IRDAI has slapped a fine of Rs 24 lakh on policy aggregator Policybazaar for violating advertisement norms with regard to SMS sent to customers last year about the increase in term insurance policy premiums.

Detailed explanation-2: -Insurance Regulatory and Development Authority (IRDAI) has imposed a monetary penalty of Rs 3 crore on Max Life Insurance Company, and of Rs 2 crore on Axis Bank due to violation of rules in the Axis Bank-Max Life deal.

Detailed explanation-3: -1. Insurance Regulatory and Development Authority of India (IRDAI), is a statutory body formed under an Act of Parliament, i.e., Insurance Regulatory and Development Authority Act, 1999 (IRDAI Act 1999) for overall supervision and development of the Insurance sector in India.

Detailed explanation-4: -Functions of IRDA: Protecting the interests of the policyholder in matters concerning the grant of policies, settlement of claims, nomination by policyholders, insurable interest, surrender value of the policy and other terms and conditions of the policy.