NEWS & ADVICE : AUTO INSURANCE
IRDA likely to complete investigation into money-laundering within a week
By Neelima Shankar
Apr 22, 2013
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The Insurance Regulatory and Development Authority (IRDA) is likely to complete investigation within a week's time into the alleged money-laundering transactions of insurers.

"Our inspections teams have been deputed to some insurance companies and the process is on. We may have a report ready within a week on the issue," said Mr. T. S. Vijayan, Chairman, IRDA.

The online magazine Cobrapost.com caught some officials of ICICI BankHDFC Bank and Axis Bank on camera allegedly offering to convert black money into legitimate money.

RBI had initiated an enquiry into the matter. The IRDA had also taken up the matter and major insurers, HDFC Life, ICCI Prudential and Max Life, have come under its scanner.

Last month, it asked the CEOs of the alleged insurance firms to submit relevant data for initiating appropriate action.


 


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