5,00,000.00" /> TATA AIG Fined <img src="/portal//images/rup_t1.gif" alt="Rs" /> 5,00,000.00
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TATA AIG Fined Rs 5,00,000.00
Expenses of Management (EoM) for the year 2008-09 was 114.90% which is beyond permissible limits under Section 40B of the Insurance Act, 1938.

″TATA AIG LIFE INSURANCE COMPANY LIMITED (TALIC) is a registered entity and on account of the same ought to have complied with the directions of the Authority, I, in judicious exercise of the powers conferred upon me under Section 14(1) of the Insurance Regulatory and Development Authority Act, 1999 read with Section 102 of Insurance Act, 1938, am of the considered view that a penalty of Rs 5,00,000/- (Rupees five lakh only) be imposed upon TALIC for violating directions of the Authority″ - IRDA Official  
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Source : http://www.irda.gov.in
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