Chola General Insurance Gets IRDAI Warning Over Health Claim Lapses

Cholamandalam Financial Holdings Ltd. said its subsidiary, Cholamandalam MS General Insurance Co. Ltd., received a warning letter from the Insurance Regulatory and Development Authority of India on Thursday. The general insurer informed the parent company on Saturday, citing a delay in disclosure due to assessment of materiality.

IRDAI flagged procedural gaps in the rejection of two health claims and a lapse in interest payment on one of the claims. The company said the warning will not have any financial impact and that corrective steps are being taken as per the regulator’s directions.