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MAX Bupa Health Insurance penalized for regulatory violations

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MAX Bupa Health Insurance penalized for regulatory violations

India's Insurance Regulatory and Development Authority has penalizedMAX Bupa Health Insurance Co. Ltd.with fines of up to 2 million rupees for committing multiple violations, The Hindu reported May 3.

The regulator found that the health insurer processed claimsover more than 60 days on average in 2011-2012 and 2012-2013, while claim settlementstook an average of 70 days in 2011-2012 and 44 days in 2012-2013. The company wasfined 500,000 rupees for causing delays in settling claims.

MAX Bupa Health Insurance received an additional penalty of 500,000rupees for selling two versions of the same product with the newer version lackingnecessary clearance.

Two more fines of 500,000 rupees each were imposed for engagingin business transactions with nonlicensed companies and for using services of outsourcedvendors for lead generation.

MAX Bupa Health Insurance is a unit of Max India Ltd.

As of May 3, US$1 was equivalentto 66.53 Indian rupees.