"The company has procured only 31,444 social sector lives against its mandatory target of 35,000 lives. Thus, there is a shortfall of 3,556 lives against its obligations in the eighth year of operation," IRDA said in an order.
Regulator Insurance Regulatory and Development Authority (IRDA) has imposed Rs 5 lakh penalty on Sahara India Life Insurance Company Ltd for non-compliance of social sector obligations in 2012-13.
"The company has procured only 31,444 social sector lives against its mandatory target of 35,000 lives. Thus, there is a shortfall of 3,556 lives against its obligations in the eighth year of operation," IRDA said in an order.
This is considered violation of the provisions of certain sections of the IRDA Act, it said. "A penalty of Rs 5 lakh is imposed on the life insurer for non-compliance with the provisions of the regulations. The life insurer is also directed to ensure compliance with the provisions of the regulations hereafter," the IRDA order said.
In its response to the charges, Sahara India Life Insurance had acknowledged the non-compliance of Social Sector Obligations for the financial year 2012-13 and also submitted that they had been complying with the said obligations during prior to that.
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The company attributed the shortfall in meeting the obligations to the downward trend in the overall business when compared to the previous years.
Owing to the overall downward business trend there is a shortfall in the social sector business, it said, adding that the social sector business constituted 48.49 per cent of the total business of the insurer in 2012-13.
The company had further said that it was taking various steps to grow overall business of the company (with special focus on rural and social sector business) in the coming years and will put special efforts to compensate the shortfall in obligations of 2012-13 in coming years, it added.
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