Kathmandu. The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a fine of Rs 1 crore on Edelweiss Life Insurance.
Edelweiss Life has been fined IRDAI for violating institutional good governance norms. The company has also been directed to classify certain transactions as outsourcing as per rules and report them to IRDAI.
Irdai has also stipulated that the company should implement a vendor management policy with clear standard operating procedures for cost allocation as well as an outsourcing policy duly approved by the board of directors with the provision of periodic review.
