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.
