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Order in the matter of Max Life Insurance Company Ltd Ref. No:IRDAI/LIFE/ORD/MISC/105/04/2021 Date:28-04-2021 Order in the matter of Max Life Insurance Company Ltd Based on (i) Report of the focussed onsite inspection of M/s. Max Skill First Limited (Max Skill First), a Max group Comp
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FAQ :
The IRDAI issued an order after an inspection revealed violations of outsourcing and corporate governance guidelines by Max Life Insurance Company Ltd in its dealings with Max Skill First Limited.
Max Life failed to disclose payments made to Max Skill First in its outsourcing returns for FY 2015-16 and 2016-17, violating Clause 11.2 of the IRDA Outsourcing Guidelines, 2011. Other charges included issues related to conflict of interest and non-disclosure of outsourcing agreements.
Max Life Insurance Company Ltd was imposed a penalty of Rs. 2 lakh for not disclosing payments made to Max Skill First in its outsourcing returns.
Max Life Insurance Company Ltd made payments to Max Skill First Limited for training services. Max Skill First is a Max group company and an outsourcing entity for Max Life.
Yes, Max Life Insurance Company Ltd provided responses, explanations, and made submissions during a personal hearing with the IRDAI to address the charges.
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Notification No : Ref. No:IRDAI/LIFE/ORD/MISC/105/04/2021Published in Miscellaneous
Source : https://www.irdai.gov.in/ADMINCMS/cms/frmGeneral_Layout.aspx?page=PageNo4463