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Trichy, Tamil Nadu, India
Working as an Assistant in LIC of India, Rockfort BO, Trichy, TN. Having a strong belief that LIC's welfare is our welfare and always trying to work towards that. Also functioning as an office bearer of AIIEA Thanjavur Division.

Saturday, July 25, 2009

CAG pulls up IRDA for ‘benefits’ to members

‘IRDA gave unauthorised benefits to members’

NEW DELHI, 24 JULY: Insurance regulator IRDA has been pulled up by the Comptroller and Auditor General for allegedly giving unauthorised benefits to its over Rs 25 lakh members.
“Insurance Regulatory Authority (IRDA) spent Rs 25.38 lakh on unauthorised benefits to its members during March 2004-June 2008,” the CAG said in its report tabled in Parliament today.
The auditor said in March 2008 it was found that the IRDA provided facilities such as payment of actuarial allowance at Rs 10,000-65,000 per month, club membership, besides providing treadmills and inverters at the residence of the members.
The facilities provided was in “contravention to the rules”, CAG said.
The auditor had also asked the finance ministry to direct the IRDA to withdraw the benefits given to the members and recover Rs 25.38 lakh paid to them or spent on them.
However, the insurance regulator said in March last year that the inverters were provided due to frequent power cuts and treadmills were provided at the residences due to paucity of space in the office gymnasium. ; PTI

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