SBI Life told to distribute excess payments

IRDA has directed SBI Life Insurance Company to distribute the “wrongful” component of administrative charges it paid as reimbursement of group expenses to commission agents to the members or beneficiaries of the concerned policies.

SBI Life Insurance had made certain payments towards reimbursement of group administrative expenses to various master policy holders, which were in “violation” of IRDA guidelines and for which it was imposed a penalty of Rs 70 lakh in July, 2011.

The schemes in question included ‘Super Suraksha’ policies on home, car and tractor loans.

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