PB Fintech Limited has disclosed that its wholly-owned subsidiary, Policybazaar Insurance Brokers Private Limited, received an advisory and a show cause notice from the Insurance Regulatory and Development Authority of India. This follows an inspection conducted between October 21-25, 2024. Policybazaar will submit its response to the Authority within the prescribed timelines. The company states there is no material impact in monetary terms and that necessary systems are in place.
Regulatory Disclosure for Policybazaar
PB Fintech Limited has announced that its wholly-owned subsidiary, Policybazaar Insurance Brokers Private Limited, is the subject of an advisory and a show cause notice from the Insurance Regulatory and Development Authority of India (IRDAI). This action stems from an inspection of Policybazaar that took place from October 21, 2024, to October 25, 2024.
Details of the Communication
The IRDAI issued a Letter of Advice concerning certain documentary and process matters observed during the inspection. Policybazaar has also received a show cause notice related to some of the observations. The subsidiary is expected to provide a formal response to the IRDAI within the mandated timeframes.
No Material Financial Impact
PB Fintech Limited has clarified that the regulatory actions are not expected to have a material impact in monetary terms on the company. Policybazaar has reportedly implemented the necessary systems and processes to ensure ongoing compliance with the guidelines and regulations set forth by the IRDAI. The company assures continued adherence to regulatory requirements.
Disclosure Compliance
This disclosure is made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The detailed information required under the regulations has been provided in Annexures A and B, which are part of the company’s filing. The disclosure will also be hosted on the company’s website, www.pbfintech.in.
Source: BSE
