The Haryana
Government has barred ICICI Prudential Life Insurance for three years
from doing any further business with it or any of its departments for
“intentionally delaying” the process of distribution of annuity to land
owners and failure to carry out commitments. “ICICI Prudential Life
Insurance Company needed to be blacklisted,” the State’s Finance
Department said in a statement. “The noticee can, however, opt to pay
compounding fee in lieu of entire or a part of the blacklisting period
within one month from the date of this order.
“...
this is by paying penal interest at a rate of one per cent for every
six months or part thereof of the blacklisting period proposed to be
compounded, by making a request to the government in this regard,” the
statement said. Such enhanced rate of interest would be payable on the
amount advanced to noticee for the period from the date of receipt of
advance till the date of repayment of advance and interest at SBI base
rate to the Department, it said.
