CURRENT AFFAIRS

Detailed explanation-1: -The Insurance Regulatory and Development Authority of India (Irdai) has imposed a penalty of Rs 10 lakh on Deinon Risk Services for acting as an insurance intermediary without having a valid registration with the insurance regulator of the country.

Detailed explanation-2: -IRDAI imposes Rs 3 crore penalty on Max Life Insurance over rules violation. Live: India’s Population Boom: Boon or Bane?

Detailed explanation-3: -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-4: -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-5: -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.