Niva Bupa Health Insurance said on Thursday it has received an order from the Insurance Regulatory and Development Authority of India directing it not to open any new places of business for six months.The insurance regulator took the action after finding that the insurer had failed to comply with the prescribed limits on expenses of management for the 2024-25 financial year, Niva Bupa said.The company is evaluating the order and will take appropriate steps to safeguard the interest of stakeholders, the health insurer said in a filing to the stock exchange.(More to come)
IRDAI bars Niva Bupa from opening new offices for six months
Niva Bupa Health has been hit with a six-month ban by India's insurance regulator, preventing the company from opening any new branches. This significant regulatory action means Niva Bupa cannot expand its physical presence across the country for the next half-year, impacting its growth plans and customer reach.
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