Policybazaar was fined a total of Rs 5 crore by insurance watchdog IRDAI for violating 11 counts under the Insurance Act and the IRDAI (Insurance Web Aggregators) Regulations, 2017.
Policybazaar, which at the time was operating as an Insurance Web Aggregator (IWA)—basically, a platform that displays and compares insurance plans from various companies—was inspected by the Insurance Regulatory and Development Authority of India, or IRDAI.
Here’s what the IRDAI found and why they fined Policybazaar: