Interviewtimes 
SBI General Insurance Company has been fined Rs 3 million by the Insurance Regulatory and Development Authority of India (IRDAI). It is learned that the insurance regulator imposed the fine for non-compliance. The company has imposed the penalty under Section 32-D of the Insurance Act for violations of third party motor insurance rules.
According to the report, the insurance company was able to insure only Rs 638.38 crore under the Third Party Motor Insurance Act in 2017-18, but got only Rs 316.36 crore. Not only this one year, but also in the previous two years, the company did not comply with the MTP rules. So it’s not just SBI. Other insurance companies have also been fined by IRDAI for failing to comply.
SBI General Insurance, however, said the company had no ill intentions behind it. In addition, the insurance company said there was no violation of the MTP Act in business. The company said it had 50.44 per cent of its assigned liability, or Rs 321.98 crore, of MTP.
