Australia's Federal Court found that thousands of Cbus members faced lengthy delays in receiving death and disability benefits, with some claims remaining unresolved for over a year.
The order follows a similar demand against New India Assurance, signaling a broader clampdown on GST treatment of co-insurance and reinsurance premiums.
50m rupees (approx. US$570k) penalty follows a 2020 remote inspection and a five-year regulatory process that concluded with IRDAI’s final order in August 2025.
"Our priority has been to communicate and compensate our affected health insurance customers and providers, along with putting in place measures to help ensure this does not happen again," says APAC Chief...
