Acko General Insurance fined Rs 1 crore by IRDAI: Will you be affected if you bought a policy from Acko?

IRDAI fined Acko General Insurance Rs 1 crore for regulatory lapses involving Ola Financial Services (OFSPL). Acko made payments to Ola Financial Services disguised as advertisement and API fees, even when OFSPL lacked authorization to solicit and sell insurance. Read on to know whether the policies purchased during this period will remain valid and what the perils of buying policies from unregistered intermediaries are.