Chandigarh, April 17 (IANS) The Haryana government Wednesday announced that it has debarred ICICI Prudential Life Insurance Company Ltd from doing business with it and with agencies under it.
A finance department spokesperson said that ICICI Prudential has been blasklisted and debarred from doing any business with the government or its agencies “for intentionally delaying the entire process of distribution of annuity to land owners and failure to carry out its commitments”.
The ban will be for three years and will also apply to any business with any department, public sector undertaking or autonomous body under the state government.
The state government had blacklisted and debarred SBI Life in January for three years on similar grounds.
The spokesperson said both insurance companies, which had been awarded a contract by the state government, had “intentionally delayed the entire process of distribution of annuity to land owners and failed to carry out its commitments” under the Resettlement and Rehabilitation (R&R) policy for land owners whose land was acquired for development projects.