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Max Life Insurance Company (Max Life) announced that recently in transactions involving Axis Bank and Max Financial Services (MFSL) with respect to transfer of shares of Max Life, a material subsidiary of MFSL, which were all duly approved the Board and shareholders of Max Life and MFSL, Insurance Regulatory and Development Authority of India (IRDAI) vide an order issued to Max Life imposed a penalty aggregating to Rs 3 crore alleging non-compliance of certain terms of its approvals granted. With a view to pave the way for the future including strengthening the long term strategic partnership with Axis Bank and avoid unnecessary and long legal escalations, Max Life has decided to pay the penalty imposed by the IDRAI, while it is of the belief of not committing any wrongdoing.