IRDA fines SBI Life Insurance for payment of excess commission

The Insurance Regulatory and Development Authority (IRDA) has imposed a fine of Rs 70,00,000 on SBI Life Insurance company for paying around Rs 204 crore to eight of its corporate agents and six master policyholders, far in excess of the stipulated levels. In an order on Friday, IRDA asked SBI Life Insurance to pay the penalty within 15 days

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