Indian regulator reprimands insurance firms

The Indian regulator has pulled up two insurance companies for not giving sufficient information and choice to investors and violating its advertising and disclosure guidelines. The insurers are Tata- AIG and Royal Sundaram. The Insurance Regulatory & Development Authority (IRDA) has expressed its dissatisfaction over a policy named Citi Suraksha, on offer to credit card holders of Citibank. The policy also provides death benefits for family members and debt repayment in the event of accidental death.