| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 21 |
|
BIRLA SUN LIFE INSURANCE CO.LTD.
|
|
|
ALLOWED MICRO INSURANCE (MI) AGENT TO SELL OTHER THAN MICRO INSURANCE PRODUCT VIOLATING REGULATION (4) OF IRDA (MICRO INSURANCE) REGULATIONS, 2005
DID NOT SETTLE MATURITY CLAIMS VIOLATING REGULATIONS 8(2) AND 8(3) OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.15,00,000
01-DEC-2014
|
|
| 22 |
|
|
BROOKLYN INSURANCE BROKERS PVT.LTD.
|
|
|
DISCREPANCIES IN APPLICATION FILED FOR RENEWAL OF LICENCE AS DIRECT INSURANCE BROKER
|
REJECTED APPLICATION FILED FOR RENEWAL OF LICENSE AS INSURANCE BROKER
16-APR-2013
|
|
| 23 |
|
|
CENTCART INSURANCE BROKING SERVICES PVT.LTD.
|
|
|
DID NOT FILE THE CERTIFICATES DULY CERTIFIED BY AUDITOR
DID NOT SUBMIT PERIODICAL RETURNS AS PER FORMATS/RETURNS PRESCRIBED UNDER IRDAI BUSINESS ANALYTICAL PROJECT
SUBMITTED FALSE OR WRONG CERTIFICATION OR CONCEALMENT OF FACTS IN THE CERTIFICATES TO IRDAI
|
IMPOSED PENALTY RS.3,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
10-NOV-2023
|
|
| 24 |
|
|
CONFIANCE INTERNATIONAL REINSURANCE BROKERS L.L.C.
|
|
|
DID NOT ACT WITH DUE CARE AND DILIGENCE
DID NOT CONFIRM COVER TO INSURER AFTER EFFECTING RE-INSURANCE AND DID NOT SUBMIT RELEVANT REINSURANCE ACCEPTANCE AND PLACEMENT SLIPS
DID NOT ENSURE PROMPT REMITTANCE OF FUNDS
DID NOT PROVIDE INSURER A TRUE AND COMPLETE COPY OF REINSURANCE PLACEMENT SLIP TO BE USED BEFORE ENTERING MARKET
ACTED WITH MALAFIDE INTENTIONS AND BETRAYED TRUST OF INSURANCE MARKET
DID NOT FURNISH INSURER/REINSURER TRUE COPY OF PLACEMENT SLIP SIGNED BY THE LEAD REINSURER QUOTING TERMS, INDICATING THEREON, SIGNED LINE OF REINSURER
|
PROHIBITED FROM INSURANCE MARKET DIRECTLY OR INDIRECTLY IN WHATSOEVER MANNER FROM 22-FEB-2024 TO 21-FEB-2026
DIRECTED INDIAN INSURERS AND REINSURERS AND ITS OFFICES OVERSEAS, FOREIGN REINSURANCE BRANCHES IN INDIA AND INDIAN INSURANCE INTERMEDIARIES NOT TO ENGAGE INTO ANY BUSINESS ACTIVITY WITH CONFIANCE, DIRECTLY OR INDIRECTLY IN WHATSOEVER MANNER FROM 22-FEB-2024 TO 21-FEB-2026
22-FEB-2024
|
|
| 25 |
|
|
CORPORATE RISKS INDIA INSURANCE BROKERS INDIA PVT.LTD.
|
|
|
SHARED MORE THAN 50% BROKERAGE WITH FOREIGN BROKER VIOLATING REGULATION 34(3) OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
07-AUG-2017
|
|
| 26 |
|
|
CORPORATE RISKS INDIA PVT.LTD.
|
|
|
CONDUCTED IMPROPERLY IN RELATION TO PLACEMENT OF REINSURANCE LIABILITY RISK
|
SUSPENDED LICENSE AS INSURANCE BROKER
27-MAR-2004
|
REVOCATION OF SUSPENSION ORDER SUBJECT TO CONDITIONS
|
| 27 |
|
|
CRYSTAL GOLD INSURANCE BROKERS LTD.
|
|
|
SURRENDERED DIRECT INSURANCE BROKING LICENSE
|
CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE BROKER
14-MAY-2007
|
|
| 28 |
|
|
D2C INSURANCE BROKING PVT.LTD.
|
|
|
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
|
IMPOSED PENALTY RS.1,00,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
29-JUN-2021
|
|
| 29 |
|
|
DEALMONEY INSURANCE BROKING PVT.LTD.
|
|
|
DID NOT MAKE DISCLOSURE OF MATERIAL INFORMATION ON ITS OWN FORTHWITH VIOLATING REGULATION 7(5) OF IRDA (INSURANCE BROKERS) REGULATIONS, 2018
|
REJECTED APPLICATION FILED TO GRANT CERTIFICATION OF REGISTRATION AS INSURANCE BROKER
16-JUN-2021
|
|
| 30 |
|
|
DEALMONEY INSURANCE BROKING PVT.LTD.
|
|
|
DID NOT MAKE DISCLOSURE OF INFORMATION REGARDING APPOINTMENT AND REMOVAL OF MR.ABHIJIT DEY AS A DIRECTOR
DID NOT DISCLOSE THAT PRINCIPAL OFFICER MR.VIKRAM RATHOD WAS ENGAGED IN FRAUDULENT PRACTICES AND FIR LODGED AGAINST HIM
|
REJECTED APPLICATION FILED TO GRANT CERTIFICATION OF REGISTRATION AS INSURANCE BROKER
23-FEB-2024
|
|
| 31 |
|
|
DEALMONEY SECURITIES PVT.LTD.
|
|
|
DID NOT INTIMATE IRDAI REGARDING FRAUD BEING PERPETRATED IN THE OFFICE OF CORPORATE AGENT
DID NOT INTIMATE IRDAI REGARDING FIR FILED AGAINST ITS OWN DIRECTOR
DID NOT INTIMATE IRDAI REGARDING RESIGNATION OF ITS CHIEF EXECUTIVE OFFICER AND DIRECTOR
ENGAGED SERVICES OF SEVERAL FACILITATORS FOR INSURANCE BUSINESS
|
PROHIBITED FROM INSURANCE MARKET, APPLYING FOR REGISTRATION AS INSURANCE INTERMEDIARY AND FROM SOLICITING INSURANCE UNDER GROUP INSURANCE GUIDELINES, DIRECTLY OR INDIRECTLY IN WHATSOEVER MANNER FROM 22-FEB-2024 TO 21-FEB-2027
DIRECTED TO IDENTIFY VICTIMS OF FRAUDS AND ENSURE THAT THEY ARE COMPENSATED FOR LOSS
DIRECTED TO SUBMIT ACTION TAKEN REPORT
IMPOSED PENALTY RS.2,00,00,000
22-FEB-2024
|
|
| 32 |
|
|
DEINON RISK SERVICES PVT.LTD.
|
|
|
ACTED AS INSURANCE BROKER WITHOUT REGISTRATION FROM IRDAI
|
IMPOSED PENALTY RS.10,00,000
23-MAY-2022
|
|
| 33 |
|
|
DLF PRAMERICA LIFE INSURANCE CO.LTD.
|
|
|
PAID APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION/REMUNERATION TO CORPOARTE AGENTS
|
IMPOSED PENALTY RS.1,00,000
11-DEC-2013
|
|
| 34 |
|
|
ENAM INSURANCE BROKER PVT.LTD.
|
|
|
SURRENDERED DIRECT INSURANCE BROKING LICENSE
|
CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE BROKER
14-MAY-2012
|
|
| 35 |
|
|
FUTURE GENERALI INDIA INSURANCE CO.LTD.
|
|
|
ALLOWED DISCOUNTS OUTSIDE THE RANGE OF RATES FILED, UNPRINCIPLED RATE CUTTING WITHOUT FILING OF PRICING REVISIONS IN THE PRODUCT AND NUMBER OF DAYS
|
IMPOSED PENALTY RS.1,00,00,000
10-JUN-2020
|
|
| 36 |
|
|
FUTURE GENERALI INDIA LIFE INSURANCE CO.LTD.
|
|
|
ENTERED INTO AGREEMENTS FOR OUTSOURCING OF SERVICES AND MADE PAYMENTS TO VARIOUS ENTITIES AND INDIVIDUALS
|
DIRECTED TO SUBMIT ACTION TAKEN REPORT
DIRECTED TO BE PRUDENT WHILE MAKING PAYMENTS TOWARDS ANY OUT SOURCING ACTIVITIES
01-DEC-2014
|
|
| 37 |
|
|
GOLDEN CORPORATE SERVICES
|
|
|
COMMITTED BREACH OF CODE OF CONDUCT UNDER IRDA REGULATIONS
|
DIRECTED TO SUSPEND ACTIVITIES AS CORPORATE AGENT
09-DEC-2004
|
ORDER STAYED BY HIGH COURT
|
| 38 |
|
|
GOLDEN MULTI SERVICES CLUB LTD.
|
|
|
COMMITTED BREACH OF CODE OF CONDUCT UNDER IRDA REGULATIONS
|
DIRECTED TO SUSPEND ACTIVITIES AS CORPORATE AGENT
09-DEC-2004
|
ORDER STAYED BY HIGH COURT
|
| 39 |
|
|
GOLDEN MULTI SERVICES PVT.LTD.
|
|
|
COMMITTED BREACH OF CODE OF CONDUCT UNDER IRDA REGULATIONS
|
DIRECTED TO SUSPEND ACTIVITIES AS CORPORATE AGENT
09-DEC-2004
|
ORDER STAYED BY HIGH COURT
|
| 40 |
|
|
GOLDEN TRUST FINANCIAL SERVICES
|
|
|
COMMITTED BREACH OF CODE OF CONDUCT UNDER IRDA REGULATIONS
|
DIRECTED TO SUSPEND ACTIVITIES AS CORPORATE AGENT
09-DEC-2004
|
ORDER STAYED BY HIGH COURT
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
| |
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