The Insurance Regulatory and Development Authority of India has imposed a penalty of INR 5 crore on M/s Policybazaar Web Aggregator Pvt. Ltd., now known as M/s Policybazaar Insurance Brokers Pvt. Ltd., for violations of the Insurance Act, 1938 and rules and regulations made thereunder. The action was taken under the Insurance Regulatory and Development Authority of India’s powers under Section 102 of the Insurance Act, 1938 and also includes a direction, advisory and caution relating to the established violations, including breaches referenced as the Financial Rules and Regulations imposed under the Act.
Insurance Regulatory and Development Authority of India 2025-08-04
Insurance Regulatory and Development Authority of India imposes INR 5 crore penalty and issues directions to Policybazaar for Insurance Act violations
The Insurance Regulatory and Development Authority of India has fined Policybazaar Insurance Brokers Pvt. Ltd. INR 5 crore for breaches of the Insurance Act, 1938. The enforcement action, under Section 102 of the Act, includes directives and advisories addressing the violations.