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India: Insurance regulator fines 12 insurers in 2012-2013

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The Insurance Regulatory and Development Authority imposed a fine of nearly 50 million Indian rupees ($813,500) on 12 insurers during the 2012 to 2013 period, ZeeNews reported.

Penalties were levied on two nonlife insurers and 10 life insurers for failing to comply with various regulatory requirements, the regulator said in a report.

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