| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 181 |
|
SHRIRAM LIFE INSURANCE CO.LTD.
|
|
|
SETTLED DEATH CLAIMS IN FAVOUR OF GROUP MASTER POLICYHOLDER
DID NOT OBTAIN CONFIRMATION OF RECEIPT OF CLAIM PAYMENT FROM THE BENEFICIARIES
AUTOMATED SETTLEMENT OPTION (WITHOUT OPTION/CONSENT BY POLICY HOLDER) ON MATURITY DATE, IF POLICYHOLDER DOES NOT REVERT FOR THE COMMUNICATION SENT
SETTLED DEATH CLAIMS IN FAVOUR OF MASTER POLICYHOLDERS UNDER NON-EMPLOYER/EMPLOYEE GROUP POLICIES
|
IMPOSED PENALTY RS.6,00,000
17-OCT-2016
|
|
| 182 |
|
|
SHRIRAM LIFE INSURANCE CO.LTD.
|
|
|
DID NOT RE-DISPATCH DOCUMENTS EVEN AFTER COMPLAINT FILED BY THE CUSTOMER/S
DID NOT PUT IN PLACE ADEQUATE PROCESSES AND SYSTEMS TO ENSURE REGULATORY COMPLIANCE AROUND FREE LOOK CANCELLATION FACILITY AND ALL OTHER BUILDING BLOCKS LIKE DISPATCH OF POLICY BONDS, GRIEVANCES RELATING TO NON-RECEIPT OF POLICY BONDS ETC.
DID NOT INSTITUTE SYSTEMS AND PROCESSES TO DETECT INTENDED FRAUDS AND MISREPRESENTATION BY LIFE ASSURED/ POLICYHOLDERS
DID NOT CARRY OUT DUE DILIGENCE BY OBTAINING STANDARDIZED AND VERIFIABLE PROOF OF ACTUAL ANNUAL INCOME OF POLICYHOLDER’S
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
22-SEP-2025
|
|
| 183 |
|
|
SHRIRAM TRANSPORT FINANCE CO.LTD.
|
|
|
ENGAGED PERSONS OTHER THAN SPECIFIED PERSONS TO PROCURE BUSINESS
|
IMPOSED PENALTY RS.15,00,000
27-SEP-2019
|
|
| 184 |
|
|
STAR HEALTH & ALLIED INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO THE PROVISIONS OF ADVERTISEMENT REGULATIONS, DIRECTIVES/INSTRUCTIONS/GUIDELINES AND CIRCULARS ISSUED BY IRDA WHILE RELEASING INSURANCE ADVERTISEMENTS
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
21-AUG-2015
|
|
| 185 |
|
|
STAR HEALTH & ALLIED INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO IRDAI INFORMATION & CYBER SECURITY GUIDELINES, 2023
|
IMPOSED PENALTY RS.3,39,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
25-JUL-2025
|
|
| 186 |
|
|
STAR UNION DAI-ICHI LIFE INSURANCE CO.LTD.
|
|
|
SETTLED DEATH CLAIMS IN FAVOUR OF MASTER POLICYHOLDERS UNDER NON-EMPLOYER/EMPLOYEE GROUP POLICIES
|
IMPOSED PENALTY RS.1,00,000
21-MAR-2016
|
|
| 187 |
|
|
STAR UNION DAI-ICHI LIFE INSURANCE CO.LTD.
|
|
|
REPUDIATED THE CLAIM ON THE BASIS OF NON-DISCLOSURE OF NON MATERIAL INFORMATION VIOLATING SECTION 45(4) OF INSURANCE ACT, 1938
|
IMPOSED PENALTY RS.1,00,000
10-JAN-2019
|
|
| 188 |
|
|
TATA AIA LIFE INSURANCE CO.LTD.
|
|
|
PAID APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION/REMUNERATION TO CORPOARTE AGENTS
|
IMPOSED PENALTY RS.10,00,000
03-JUL-2015
|
|
| 189 |
|
|
TATA AIA LIFE INSURANCE CO.LTD.
|
|
|
MICRO INSURANCE AGENT SIGNED HIMSELF ON BEHALF OF LIFE ASSURED IN PROPOSAL FORM ON BEHALF OF LIFE ASSURED VIOLATING PROVISIONS OF REGULATION 3(4) OF IRDA (PROTECTION OF POLICYHOLDERS’ INTEREST) REGULATIONS, 2002
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
09-OCT-2015
|
|
| 190 |
|
|
TATA AIA LIFE INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO EXPENSES OF MANAGEMENT (EOM) LIMITS PRESCRIBED UNDER SECTION 40B OF INSURANCE ACT, 1938 READ WITH RULE 17D OF INSURANCE RULES, 1939
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
09-MAR-2016
|
|
| 191 |
|
|
TATA AIG 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
|
|
| 192 |
|
|
TATA AIG GENERAL INSURANCE CO.LTD.
|
|
|
ENTERED INTO ADDITIONAL RELATIONSHIP WITH CORPORATE AGENTS AND INDIVIDUAL AGENTS AND MADE ADDITIONAL PAYOUTS
SOLICITED BUSINESS THROUGH OTHER THAN LICENSED ENTITIES IN NAME OF RETAINERS/FIELD USERS ETC.
ALLOWED CORPORATE AGENT TO SOLICIT BUSINESS EVEN WITHOUT CHIEF INSURANCE EXECUTIVE (CIE)/SPECIFIED PERSON (SP) WITH CORPORATE AGENT AND ALSO ALLOWED TO SOLICIT BUSINESS ON PAN INDIA BASIS WITH A SINGLE SP ONLY
TERMS OF THE TRIPARTITE AGREEMENT ENTERED WAS AGAINST VARIOUS DIRECTIVES/INSTRUCTIONS/GUIDELINES & ACT PROVISIONS
|
IMPOSED PENALTY RS.20,00,000
17-APR-2017
|
|
| 193 |
|
|
TATA AIG GENERAL INSURANCE CO.LTD.
|
|
|
COLLECTED RENEWAL PREMIUM FOR THREE YEARS IN ADVANCE OUT OF THE LOAN GRANTED BY CORPORATE AGENT VIOLATING REGULATIONS 3(2) AND 3(3) OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.1,00,00,000
29-JAN-2020
|
|
| 194 |
|
|
TATA AIG LIFE INSURANCE CO.LTD.
|
|
|
EXCEEDED PERMISSIBLE LIMITS ON EXPENSES OF MANAGEMENT UNDER SECTION 40C OF INSURANCE ACT,1938
|
IMPOSED PENALTY RS.5,00,000
25-NOV-2010
|
|
| 195 |
|
|
TATA AIG LIFE INSURANCE CO.LTD.
|
|
|
PERMITTED VARIOUS UNLICENSED INDIVIDUALS AND CORPORATES TO SOLICIT AND PROCURE BUSINESS
PAID EXCESS REFERRAL FEES THAN ENVISAGED IN REFERRAL DIRECTIVES/INSTRUCTIONS/GUIDELINES
PAID BUSINESS PROMOTION EXPENSES TO CORPORATE AGENTS APART FROM REGULAR COMMISSION
DID NOT VERIFY PROPOSAL FORMS ON SAMPLE BASIS PROCURED THROUGH UNLICENSED ENTITIES
PROPOSAL FORMS WERE SIGNED AND LODGED IN A PLACE OTHER THAN NORMAL PLACE OF RESIDENCE OR PLACE OF BUSINESS OF PROPOSER/LIFE ASSURED
|
IMPOSED PENALTY RS.49,00,000
13-AUG-2012
|
|
| 196 |
|
|
UNITED INDIA INSURANCE CO.LTD.
|
|
|
DID NOT FOLLOW FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES AT THE TIME OF RENEWAL OF MEGA RISK POLICY FOR REFINERIES DIVISION OF INDIAN OIL CORP.LTD.
|
IMPOSED PENALTY RS.2,00,000
25-JAN-2008
|
|
| 197 |
|
|
UNITED INDIA INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
DID NOT EXERCISE DUE SKILL, CARE AND DILIGENCE WHILE SUBMITTING PRICE-BID FOR ISSUANCE OF INSURANCE POLICIES TO DELHI AND MUMBAI INTERNATIONAL AIRPORTS
|
IMPOSED PENALTY RS.5,00,000
17-AUG-2010
|
|
| 198 |
|
|
UNITED INDIA INSURANCE CO.LTD.
|
|
|
DID NOT BOOK LIABILITY AS SOON AS INTIMATION RECEIVED FROM CLAIMANTS
PAID BROKERAGE FOR THE POLICIES ISSUED TO GIF, GUJARAT STATE THROUGH DIRECTORATE OF INSURANCE, GOVT. OF GUJARAT
DELAY IN SUBMISSION OF SURVEYOR'S REPORTS
DELAY IN SETTLEMENT OF CLAIMS
PROCURED BUSINESS EITHER WITHOUT OBTAINING AND/OR BEFORE OBTAINING NOC
DID NOT FILE CO-BRANDED ADVERTISEMENTS REFERRED IN SUBMISSION AND PAID TO CORPORATE AGENT AS A PERCENTAGE OF PREMIUM AND DID NOT PROVIDE COPY OF CLAIMS REQUESTS RECEIVED FROM LICENSED ENTITY
DEVIATED FROM DISCOUNT STRUCTURE APPROVED BY IRDA UNDER F&U DIRECTIVES/INSTRUCTIONS/GUIDELINES BY OFFERING HIGHER DISCOUNTS
DID NOT ADHERE TO FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
PAID COMMISSION OVER & ABOVE INFRASTRUCTURE EXPENSES TO UNLICENSED ENTITIES
DID NOT REGISTER CLAIM CASES AND NOT CREATED PROVISION
DELAY IN RECEIVING PREMIUM FROM INSURER
|
IMPOSED PENALTY RS.60,00,000
22-APR-2015
|
|
| 199 |
|
|
UNITED INDIA INSURANCE CO.LTD.
|
|
|
DID NOT FURNISH DATE OF FILING/APPROVAL OF THE INSURANCE PRODUCT
|
DIRECTED TO STRICTLY ADHERE TO THE EXTANT APPLICABLE REGULATORY PROVISIONS OF PRODUCT FILING BEFORE MARKETING ANY PRODUCT
04-OCT-2016
|
|
| 200 |
|
|
UNITED INDIA INSURANCE CO.LTD.
|
|
|
DID NOT MAKE DISCLOSURE OF LOADING/DISCOUNT PARAMETRS SPECIFIED IN FILE AND USE APPLICATION BY IRDA
DID NOT MAKE DISCOSURE OF MATRIX IN POLICY CONTRACT ISSUED VIOLATING REGULATION 7(H) (II) (3) OF IRDA (HEALTH INSURANCE) REGULATIONS, 2013
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
31-OCT-2017
|
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
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| Page 10 of 11
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