The CBI has registered an FIR against an insurance broker, two insurance brokerage firms and three senior officials of New India Assurance for criminal conspiracy, cheating and criminal misconduct.
According to the FIR, the brokers got the commission as the accused cheated the New India Assurance . Not giving a written mandate as per IRDA guidelines. Hence, a total brokerage of ₹45,16,572 was paid fraudulently to Salaskar Insurance Brokers Pvt Ltd and Prudent Broker Pvt Ltd in this manner, the FIR said.
Additionally, New India Assurance, a public sector concern, had issued policies to Etisalat DB Telecom Pvt. Ltd. The policies had covered damage arising out of fire, public liability and burglary.
Since, in April 1, 2013 and September 30,2016 the policy insured.Therefore, the CBI said has claimed in the FIR that a manager from Salaskar Salaskar Insurance Brokers sent an email about this policy to a New India Assurance branch manager and placed the business without securing written mandate of Etisalat DB Telecom.
In 2013, the manager left Salaskar for Prudent. He transferred the whole policy to his new company from July 2013 to September 2016. By not taking the client’s written mandate on changing the broker. Therefore, insurance industry officials said this amounted to misrepresentation of the client and causing financial loss to the insurance company.
