Irdai fines Max Life ₹3 crore for Axis Bank deal

Insurance regulator Irdai has imposed a Rs 3-crore penalty on Max Life for its share sale deal with Axis Bank, which the regulator said circumvented regulations on commission limits. The penalty is against three charges - misrepresentation to the regulator, higher-than-permitted compensation to the corporate agent, and not following fair market value in share transactions.

from Times of India https://timesofindia.indiatimes.com/business/india-business/irdai-fines-max-life-3-crore-for-axis-bank-deal/articleshow/94869360.cms