Irdai levies Rs 2 cr penalty on HDFC Life Insurance for violating norms

The Insurance Regulatory and Development Authority of India (Irdai) has imposed a penalty of Rs 2 crore on HDFC Life Insurance for violating norms. The penalty must be paid within 45 days from the receipt of the order, and additional directives have also been issued. The Insurance Regulatory and Development Authority of India (Irdai) has imposed a penalty of Rs 2 crore on HDFC Life Insurance for violating norms. The penalty must be paid within 45 days from the receipt of the order, and additional directives have also been issued. The regulator directed the life insurer to review its vendor management agreements and carry out due diligence before entering into outsourcing contracts. The company must also submit a detailed action plan to the regulator on outsourcing contracts and other violations.