IRDA warns Aegon Religare Life Insurance

MUMBAI: The Insurance Regulatory and Development Authority warned Aegon Religare for violating norms regarding appointment of principal officer and putting it on the website without prior approval of the regulator.

The regulator raised objections to the company appointing KS Gopalakrishnan as the Principal Officer and making a disclosure on its website without obtaining prior approval from Irda.

“Despite authority’s specific instructions that the appointment of Principal Officer shall be only effective upon the prior approval of IRDA, it is observed that your company proceeded with the appointment of K S Gopalakrishnan as Principal Officer by disclosing the same in the website of your company,” said Irda.

Irda said that this revealed the poor governance of the company and are considered as a disregard to the instructions issued by Irda and a violation of Section 34 A of the Act.