Chennai, July 26 -- Private health insurer Star Health and Allied Insurance Company Limited today said it has been fined Rs 3.39 crore by the Insurance Regulatory and Development Authority of India (IRDAI).
The company may prefer an appeal with the Securities Appellate Tribunal (SAT) against the sectoral regulator's order.
In a regulatory filing, the company said the penalty has been levied with respect to certain aspects pertaining to the safeguard of data and cyber security under IRDAI Information & Cyber Security Guidelines, 2023.
"The company is evaluating the options available for addressing the matter, including appealing to SAT," the company said.
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