IRDAI alleges non-compliance with certain terms of its approval granted.
Max Life has opted to pay the IRDAI penalty despite its confidence that it did not conduct any violation in order to prepare the path for the future, including strengthening its long cooperation with Axis Bank and avoiding unnecessary and lengthy judicial escalation.
Axis Bank Limited (Axis Bank), India's third largest private sector bank, is a co-promoter of Max Life Insurance Company Limited (Max Life), following an acquisition of a 12.99% stake in the fourth largest private life insurance firm in April 2021.
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