| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 1 |
|
ACME INSURANCE BROKING SERVICES PVT.LTD.
|
|
|
DID NOT EMPLOY TRAINED PERSONS
PLACED SIGNIFICANT PROPORTION OF ITS RE-INSURANCE BUSINESS WITH FOREIGN REINSURERS OR FOREIGN BROKERS AND THE INSURED ALSO A FOREIGN NATIONAL
‘CONSULTANCY FEE’ AND ‘INTEREST INCOME’ SHOWN IN FINANCIAL STATEMENTS UNDER THE HEAD INSURANCE BROKING
RECOGNISED INTEREST ON FIXED DEPOSIT ON CASH BASIS
ENTERED INTO AGREEMENTS WITH GLOBAL ENTITIES TO PLACE WITH INDIAN INSURER, THE INSURANCE BUSINESS FROM INDIAN ENTITIES OF MULTI NATIONAL CORPORATIONS
CONCEALED INFORMATION ON THE PART OF PRINCIPAL OFFICER ABOUT DIRECTORSHIP AND SHAREHOLDING OF ACME VENTURES PVT.LTD.
|
IMPOSED PENALTY RS.7,00,000
23-JAN-2015
|
|
| 2 |
|
|
AGRICULTURE INSURANCE CO.OF INDIA LTD.
|
|
|
MADE ADDITIONAL PAYOUTS TOWARDS OTHER SERVICES OVER AND ABOVE COMMISSION
ISSUED PREMIUM RECEIPT IN ADVANCE BEFORE RECEIVING PREMIUM AND RECEIPT AMOUNT WAS DIFFERENT FROM ACTUAL PREMIUM RECEIVED
|
IMPOSED PENALTY RS.10,00,000
19-MAR-2015
|
|
| 3 |
|
|
ALMONDZ REINSURANCE BROKERS PVT.LTD.
|
|
|
PLACED DIRECT BUSINESS ALTHOUGH REGISTERED TO PROCURE REINSURANCE BUSINESS ONLY
EMPLOYED FOREIGN BROKER (UNLICENSED ENTITY) TO PLACE DIRECT INSURANCE BUSINESS AND SHARED BROKERAGE WITH THEM
|
IMPOSED PENALTY RS.5,00,000
17-NOV-2017
|
|
| 4 |
|
|
APOLLO MUNICH HEALTH INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO OBLIGATIONS TOWARDS RURAL AND SOCIAL SECTORS IN 2008-09
|
IMPOSED PENALTY RS.10,00,000
DIRECTED TO MEET UNFULFILLED PART OF RURAL AND/OR SOCIAL SECTORS
07-JAN-2010
|
|
| 5 |
|
|
APOLLO MUNICH HEALTH INSURANCE CO.LTD.
|
|
|
ACCEPTED PREMIUM OF RS.51.21 LACS FROM AGENTS AFTER EXPIRY OF LICENSE
DID NOT CAPTURE LICENSE DATE AND EXPIRY DATE INTO POLICY ADMINISTRATION SYSTEM FROM WHOM BUSINESS SOLICITED AFTER LICENSE EXPIRY
ENTERED INTO AGREEMENT WITH MAKEMYTRIP.COM (MMT), NOT A LICENSED INSURANCE INTERMEDIARY, TO MARKET ITS TRAVEL INSURANCE PRODUCTS AND OTHER SUPPORT SERVICES THROUGH ITS WEBSITE
PAID COMMISSION TO PERSONS, WHICH WERE NOT LICENSED TO SOLICIT BUSINESS
|
IMPOSED PENALTY RS.20,00,000
19-MAR-2015
|
|
| 6 |
|
|
AVIVA LIFE INSURANCE CO.INDIA LTD.
|
|
|
DID NOT ENSURE INFORMATION PROVIDED TO INVESTIGATING OFFICERS DURING INSPECTION PERIOD
ORGANIZED CONTESTS FOR REFERRAL PARTNERS AND ENTERTAINED BANK STAFF FOR PROMOTING BUSINESS OF COMPANY VIOLATING IRDA CIRCULAR DATED 14/02/2003
|
ADVISED STRICTLY ADHERE TO PROVISIONS OF INSURANCE ACT, 1938
15-SEP-2009
|
|
| 7 |
|
|
AVIVA LIFE INSURANCE CO.INDIA LTD.
|
|
|
PAID APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION/REMUNERATION TO CORPOARTE AGENTS
|
IMPOSED PENALTY RS.20,00,000
28-JUN-2013
|
|
| 8 |
|
|
AVIVA LIFE INSURANCE CO.INDIA LTD.
|
|
|
ALLOWED PREMIUM RATES DIFFERENT FROM FILED IN THE RESPECTIVE PRODUCTS UNDER FILED & USE WHILE ISSUING TWO GROUP POLICIES, HENCE DID NOT ADHERE TO PREMIUM QUOTATIONS APPROVED BY THEIR APPOINTED ACTUARY
|
IMPOSED PENALTY RS.5,00,000
18-NOV-2016
|
|
| 9 |
|
|
BAJAJ ALLIANZ GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT EXERCISE DUE DILIGENCE IN TERMS OF CLAUSE 5 OF DIRECTIVES/INSTRUCTIONS/GUIDELINES IN MATTER OF RENEWAL OF LICENCE OF CORPORATE AGENTS
DID NOT REFER APPLICATION TO IRDA FOR EXERCISING POWERS VESTED IN IT UNDER IRDA ACT, 1999 AND IRDA (LICENSING OF CORPORATE AGENTS) REGULATIONS, 2002 IN MATTER OF GRANT OF LICENSE TO CORPORATE AGENTS
|
IMPOSED PENALTY RS.5,00,000
07-JUN-2011
|
|
| 10 |
|
|
BAJAJ ALLIANZ GENERAL INSURANCE CO.LTD.
|
|
|
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
PAID APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION/REMUNERATION TO CORPOARTE AGENTS
COLLECTED AMOUNT FROM CUSTOMERS AND ISSUED CONSOLIDATED CHEQUE PERIODICALLY IN NAME OF INSURER
|
IMPOSED PENALTY RS.15,00,000
31-JUL-2015
|
|
| 11 |
|
|
BAJAJ ALLIANZ GENERAL INSURANCE CO.LTD.
|
|
|
MADE PAYOUTS TOWARDS LOGO SHARING CHARGES AND INFRASTRUCTURE SHARING CHARGES APART FROM COMMISSION TO VARIOUS BANKS (CORPORATE AGENTS) VIOLATING CLAUSE 21 OF THE CORPORATE AGENCY DIRECTIVES/INSTRUCTIONS/GUIDELINES, 2005
|
IMPOSED PENALTY RS.10,00,000
26-JUL-2016
|
|
| 12 |
|
|
BAJAJ ALLIANZ GENERAL INSURANCE CO.LTD.
|
|
|
TRANSACTED MOTOR INSURANCE BUSINESS THROUGH AUTOMOBILE DEALERS WITHOUT APPOINTING THEM AS MOTOR INSURANCE SERVICE PROVIDERS (MISP) TO DISTRIBUTE AND/OR SERVICE MOTOR INSURANCE POLICIES OF AUTOMOTIVE VEHICLES VIOLATING SECTION 42D(8) OF INSURANCE ACT, 1938
|
IMPOSED PENALTY RS.10,00,000
15-APR-2021
|
|
| 13 |
|
|
BAJAJ ALLIANZ LIFE INSURANCE CO.LTD.
|
|
|
OPENED OFFICES WITHOUT OBTAINING PRIOR APPROVAL OF IRDA
|
IMPOSED PENALTY RS.5,00,000
21-AUG-2007
|
|
| 14 |
|
|
BAJAJ ALLIANZ LIFE INSURANCE CO.LTD.
|
|
|
ENROLLED NEW MEMBERS INTO EXISTING GROUP SCHEME VIOLATING PROVISIONS
|
IMPOSED PENALTY RS.5,00,000
12-JUL-2012
|
|
| 15 |
|
|
BAJAJ ALLIANZ LIFE INSURANCE CO.LTD.
|
|
|
RELEASED ADVERTISEMENT WITHOUT PROVIDING ANY DISCLAIMERS UNDER “UNFAIR OR MISLEADING ADVERTISEMENT” CATEGORY”
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
07-DEC-2015
|
|
| 16 |
|
|
BANDHAN LIFE INSURANCE LTD.
|
|
|
DID NOT SUBMIT DOCUMENTARY EVIDENCE IN SUPPORT OF HAVING REQUIRED SYSTEMS IN PLACE AND FILING OF SUSPICIOUS TRANSACTIONS REPORTS (STRS) WITHIN SPECIFIED TIME
DID NOT PROVIDE DETAILS OF INSURANCE OMBUDSMAN OF COMPETENT JURISDICTION
STANDARDIZED SCRIPTS DID NOT APPROVE BY COMPLIANCE OFFICER AND DID NOT CONTAIN MANDATORY DISCLOSURE
|
IMPOSED PENALTY RS.1,00,00,000
DIRECTED TO TAKE IMMEDIATE STEPS TO ADDRESS ISSUE POINTED OUT IN AUDIT AND ADHERE TO AML/CFT GUIDELINES ISSUED BY IRDAI IN LETTER AND SPIRIT
DIRECTED TO FILE CERTIFICATE SIGNED BY MD/CEO AND CCO CONFIRMING DUE ADHERENCE OF AML PROCESSES
DIRECTED TO TAKE NECESSARY CORRECTIVE ACTION AND FILE CERTIFICATE SIGNED BY MD/CEO AND CCO CONFIRMING DUE ADHERENCE OF REGULATIONS AND GUIDELINES ON PROTECTION OF POLICYHOLDERS, SYSTEMS AND PROCESSES TO THE EXTANT INSTRUCTIONS
DIRECTED TO FILE CERTIFICATE SIGNED BY MD/CEO AND CCO CONFIRMING DUE ADHERENCE OF STANDARDIZED SCRIPTS AND RELATED DISCLOSURES TO THE EXTANT INSTRUCTIONS/GUIDELINES ISSUED BY IRDAI
15-JUL-2024
|
|
| 17 |
|
|
BHARTI AXA GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT SUBMIT INFORMATION TO IRDA IN RELATION TO CHANGE IN SHAREHOLDING PATTERN AND STATUS OF PROMOTER ENTITY
|
IMPOSED PENALTY RS.10,00,000
26-AUG-2010
|
|
| 18 |
|
|
BHARTI AXA GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO OBLIGATORY TARGET IN TERMS OF MINIMUM PREMIUM TO BE UNDERWRITTEN IN RESPECT OF STANDALONE COMMERCIAL VEHICLE MOTOR THIRD PARTY INSURANCE
|
IMPOSED PENALTY RS.5,00,000
11-SEP-2013
|
|
| 19 |
|
|
BHARTI AXA GENERAL INSURANCE CO.LTD.
|
|
|
MADE CHANGES IN HEALTH INSURANCE POLICY VIOLATING FILE AND USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
MADE PROPORTIONATE DEDUCTION IN PROPORTION TO ROOM RENT AND DEDUCTED DMO/RMO CHARGES WITHOUT MAKING PROPER DISCLOSURE TO POLICYHOLDERS
|
IMPOSED PENALTY RS.5,00,000
20-JUL-2016
|
|
| 20 |
|
|
BHARTI AXA GENERAL INSURANCE CO.LTD.
|
|
|
MADE PAYMENTS TOWARDS INFRASTRUCTURE EXPENSES TO CORPORATE AGENTS
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
PAID COMMISSION TO UNAUTHORISED PERSONS/ENTITIES
MADE ADDITIONAL PAYMENTS OTHER THAN COMMISSION AMOUNT TO LICENSED ENTITY
DID NOT PROVIDE INFORMATION TO INSPECTION TEAM
ALLOWED DISCOUNTS/DISCRETIONARY DISCOUNTS OVER AND ABOVE APPROVED STRUCTURE
DID NOT PROVIDE FULL INFORMATION ON PERILS COVERED TOWARDS WHICH THE PREMIUM HAS BEEN COLLECTED AND DID NOT PROVIDE DOCUMENTARY EVIDENCE NOR REPLIED IN ANY OF ITS SUBMISSIONS VIOLATING PROVISIONS OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.35,00,000
09-AUG-2016
|
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
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