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IRDA imposes Rs 15 lakh fine on Shriram Transport Finance

Insurance Regulatory and Development Authority (IRDA) has imposed a fine of Rs 15 lakh on ram Transport Finance Company for selling insurance policies in violation of norms. IRDA said the company as a corporate agent (CA) engaged persons other than specified persons (SPs) to procure business. The matter pertains to selling of 983 policies by a SP of the company between April 14, 2015 to March 28, 2017, even as the said person was relieved from employment on April 13, 2015.

ram Transport Finance Company is a flagship company of the Chennai-based ram group and is classified as deposit taking Asset Financing NBFC.

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