The Insurance Regulatory and Development Authority of India (IRDAI) imposed a ₹1 crore penalty on UIB Insurance Brokers.

The penalty was imposed for violation of norms pertaining to “prompt remittance of premiums/claims received to reinsurers/insurers/foreign insurance brokers within the stipulated time,” as per an order issued by the regulator.

The penalty should be remitted by the broker within forty-five days of receiving the order, IRDAI said.

It had also advised UIB to undertake a review of all pending remittances and file an action-taken report including the status of pending remittances.

It should also “review internal controls, identify deficiencies in processes, and draft an action plan to ensure that issues are addressed and corrective actions are implemented to reduce the average delay within the mandated Turnaround Times as per regulations,” the order said.