The Haryana Government has barred ICICI Prudential Life Insurance for three years from doing any further business with it or any of its departments for “intentionally delaying” the process of distribution of annuity to land owners and failure to carry out commitments. “ICICI Prudential Life Insurance Company needed to be blacklisted,” the State’s Finance Department said in a statement. “The noticee can, however, opt to pay compounding fee in lieu of entire or a part of the blacklisting period within one month from the date of this order.
“... this is by paying penal interest at a rate of one per cent for every six months or part thereof of the blacklisting period proposed to be compounded, by making a request to the government in this regard,” the statement said. Such enhanced rate of interest would be payable on the amount advanced to noticee for the period from the date of receipt of advance till the date of repayment of advance and interest at SBI base rate to the Department, it said.