SBI Life Insurance will appeal against the IRDA (Insurance Regulatory and Development Authority) order directing to refund Rs.275 crore to policyholders, which has been collected in violation of norms.

“We shall seek a review in the matter as per the recourse available to us under the Insurance Act and other statutes,” the company said in a statement. According to the spokesperson of the insurance firm, it will appeal before the Chairman of IRDA very soon without divulging the timeline.

On Tuesday, the IRDA has asked SBI Life Insurance company to refund Rs.275.29 crore to policyholders as the amount was collected from them in violation of norms.

More In: Industry | Business