Star Health gets showcause notice from IRDAI

The Insurance Regulatory and Development Authority of India (IRDAI) has issued a show cause notice to Star Health and Allied Insurance Company for alleged violations of various IRDAI regulations and guidelines.

The notice follows an inspection IRDAI conducted for the period from January 31, 2022 to February 11, 2022 and the observations it made pertaining to the company’s business and operational aspects. The company is in the process of submitting response to the observations, Star Health said in filings on Friday and Saturday.

The company has been advised to reply within 21 days from the date of receipt of the notice along with supporting documents. It is in the process of providing adequate replies to the alleged violations and believes that there will not be any impact. However, the outcome and related implications cannot be predicted with certainty at this stage, the insurer said.