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INSURANCE regulator Insurance Regulatory and Development Authority (Irda) on Wednesday imposed a penalty of Rs 5,00,000 on HDFC Standard Life for delaying settlement of claim and has asked the insurer to streamline its processes.
Considering the nature of the violation, the authority has come to the conclusion that it is just and proper to impose a penalty of Rs 5,00,000 on HDFC Standard Life Insurance, the Insurance Regulatory and Development Authority said in its order. Source :- mydigitalfc
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