India's insurance regulator fines Policybazaar 50 million rupees for lapses

(Reuters) -India's insurance regulator has fined PB Fintech's online insurance aggregator arm, Policybazaar, 50 million rupees (around $570,000) for regulatory lapses including directorships held by key managerial personnel, the company said on Tuesday.

Policybazaar helps users select insurance coverage.

The regulator had inspected Policybazaar in June 2020, following which PB Fintech received a so-called show-cause notice in October 2024.

After additional submissions and personal hearings, the regulator decided on the penalty on Monday, according to PB Fintech.

The Insurance Regulatory and Development Authority of India also issued additional directions to the company, PB Fintech said, without specifying them.

It has identified violations related to tagging of policies and premium remittance, the company added.

The order will not have any impact on Policybazaar's operations, PB Fintech said.

Its shares were down 2.3% after the news.

($1 = 87.7880 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru; Editing by Nivedita Bhattacharjee and Mrigank Dhaniwala)

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