The Insurance Regulatory and Development Authority "IRDAI" has imposed a total penalty of 1.5 million INR (20 510 USD) on Bharti AXA General Insurance Company, a property and casualty insurance subsidiary jointly owned by AXA and its Indian partner Bharti.
The first penalty of 1 million INR (13 670 USD) resulted from the non-compliance with minimum obligations under regulations concerning third-party motor insurance business. For the year 2017-2018, the compulsory motor third party liability insurance policies underwritten by the Indian insurer amounted to 3.8 billion INR (58 42 million USD). The minimum compulsory motor third-party insurance business is of 3.99 billion INR (61 34 million USD).
The second sanction is estimated at 500 000 INR (6 836 USD) is imposed on Bharti AXA for violation of the guidelines which prohibit payments to the motor insurance service provider or any of its associate companies.
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