India, Aug. 5 -- The Insurance Regulatory and Development Authority of India (IRDAI) has slapped a fine of INR 5 Cr on insurtech major Policybazaar for multiple violations of insurance norms.

The penalty follows a remote inspection carried out by the regulator in June 2020, with the final order issued on August 4 this year.

According to the order, Policybazaar Insurance Brokers failed to disclose that several of its key managerial personnel, including its former principal officer, held directorships in other companies.

This non-disclosure was in breach of regulations, which require insurance web aggregators to inform the regulator of any material changes in their leadership structure.

The regulator also flagged issues with Policybazaa...