New Delhi, Aug. 5 -- The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty of Rs 5 crore on Policybazaar Insurance Brokers for multiple violations of the Insurance Act, 1938 and related rules and regulations.

In an official statement, the IRDAI said that the action was taken under Section 102 of the Insurance Act, 1938.

It stated, "IRDAI in exercise of the powers under Section 102 of the Insurance Act, 1938, has imposed a penalty of Rs. Five Crore on M/s Policybazaar Web Aggregator Pvt. Ltd. (Now known as "M/s Policybazaar Insurance Brokers Pvt. Ltd.")"

The penalty was imposed after the regulator examined 12 charges related to Policybazaar's operations. One of the key violations pertained to Key Mana...