The regulator has directed the firm to deposit the penalty within 15 days from the receipt of the order.
The insurance regulator said that Policybazaar entered into a partnership with 'Indian Health Organization by Aetna' (IHO), a non-insurance entity, to offer incentives to its customers in violation of rules.
IRDAI also said that Policybazaar displayed IHO’s services on its website in violation of regulations.
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