| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 21 |
|
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
|
|
| 22 |
|
|
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
|
|
| 23 |
|
|
BHARTI AXA GENERAL INSURANCE CO.LTD.
|
|
|
MADE PAYMENTS DIRECTLY TO MOTOR INSURANCE SERVICE PROVIDER (MISP) AND THE DESIGNATED PERSON FOR THE FACILITIEDS USED AND UNDER INFRASTRUCTURE AND PROFESSIONAL FEE VIOLATING GUIDELINE 15(5)(D) OF MISPG UNDER SECTION 102(B) OF THE INSURANCE ACT,1938
|
IMPOSED PENALTY RS.5,00,000
30-DEC-2020
|
|
| 24 |
|
|
BHARTI AXA GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO MINIMUM OBLIGATIONS UNDER MOTOR THIRD PARTY BUSINESS VIOLATING IRDAI (OBLIGATION OF INSURER IN RESPECT OF MOTOR THIRD PARTY INSURANCE BUSINESS) REGULATIONS, 2015
|
IMPOSED PENALTY RS.10,00,000
30-DEC-2020
|
|
| 25 |
|
|
BHARTI AXA LIFE 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
|
|
| 26 |
|
|
BHARTI AXA LIFE INSURANCE CO.LTD.
|
|
|
VIOLATED DIRECTIVES/INSTRUCTIONS/GUIDELINES OF IRDA ON ADVERTISEMENTS
|
DIRECTED TO MODIFY/WITHDRAW THE ADVERTISEMENTS CONTAINING MISLEADING CONTENTS
20-SEP-2010
|
|
| 27 |
|
|
BHARTI AXA LIFE INSURANCE CO.LTD.
|
|
|
PAID AMOUNTS TO GROUP POLICYHOLDERS IN THE NAME OF “MARKET RESEARCH”, “SALES TRAINING” AND “DISPLAY OF PUBLICITY MATERIAL” ETC VIOLATING CLAUSES B-2 AND C-4 OF GROUP INSURANCE DIRECTIVES/INSTRUCTIONS/GUIDELINES AND CIRCULAR NO.015/IRDA/LIFE/CIRCULAR/GI DIRECTIVES/INSTRUCTIONS/GUIDELINES/2005 DATED 14/07/2005
|
IMPOSED PENALTY RS.5,00,000
12-APR-2016
|
|
| 28 |
|
|
BIRLA SUN LIFE INSURANCE CO.LTD.
|
|
|
DEFAULTED IN REFERRAL AGREEMENTS
|
ADVISED STRICTLY ADHERE TO PROVISIONS OF INSURANCE ACT, 1938
04-JAN-2010
|
|
| 29 |
|
|
BIRLA SUN LIFE INSURANCE CO.LTD.
|
|
|
TOOK BLANKET APPROVAL FOR RAISING THE LIMIT UP TO 15% IN RESPECT OF INDUSTRY/GROUP EXPOSURE
ISSUED AND SENT CHEQUE IN FAVOUR OF MASTER POLICY HOLDER IN CASE OF DEATH CLAIMS
PERMITTED VARIOUS UNLICENSED INDIVIDUALS TO SOLICIT AND PROCURE BUSINESS
|
IMPOSED PENALTY RS.6,00,000
12-APR-2012
|
|
| 30 |
|
|
BIRLA SUN LIFE INSURANCE CO.LTD.
|
|
|
ADJUSTED EXCESS PREMIUM RECEIVED OVER AND ABOVE ANNUALIZED PREMIUM ON THE DAY OF RECEIPT OF PREMIUM INSTEAD OF ADJUSTING THE PREMIUMS AT RESPECTIVE DUE DATES VIOLATING IRDA LINKED INSURANCE PRODUCTS) REGULATIONS, 2013
EXCLUSION CLAUSE WAS NOT MENTIONED IN F&U APPLICATION WHICH WAS APPROVED FOR SINGLE PREMIUM GROUP TERM POLICY VIOLATING FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
DID NOT MAKE DISCLOSURE OF BUSINESS MENTORS AS OUTSOURCE ACTIVITY REQUIRED UNDER OUTSOURCING DIRECTIVES/INSTRUCTIONS/GUIDELINES
PROVIDED GIFT CARDS/FOREIGN TRIPS/CONTESTS TO THE EMPLOYEES OF CORPORATE AGENTS AND BROKERS VIOLATING CORPORATE AGENTS DIRECTIVES/INSTRUCTIONS/GUIDELINES
|
IMPOSED PENALTY RS.20,00,000
08-DEC-2016
|
|
| 31 |
|
|
CANARA HSBC ORIENTAL BANK OF COMMERCE LIFE INSURANCE CO.LTD.
|
|
|
FLOATED VARIOUS SALES CAMPAIGNS TO THE EMPLOYEES OF CORPORATE AGENTS WHO WERE NOT LICENSED SPECIFIED PERSONS VIOLATING SECTION 40(1) OF INSURANCE ACT, 1938 AND CLAUSE 21 OF IRDA CIRCULAR NO.017/IRDA/CIRCULAR/CA DIRECTIVES/INSTRUCTIONS/GUIDELINES/2005 DATED 14/07/2005 ON DIRECTIVES/INSTRUCTIONS/GUIDELINES ON LICENSING OF CORPORATE AGENTS
ISSUED AND SENT CHEQUE IN FAVOUR OF MASTER POLICY HOLDER IN CASE OF DEATH CLAIMS
|
IMPOSED PENALTY RS.31,00,000
12-DEC-2014
|
|
| 32 |
|
|
CARE HEALTH INSURANCE LTD.
|
|
|
GRANTED EMPLOYEE STOCK OPTIONS (ESOP) TO NON-EXECUTIVE DIRECTOR DESPITE REJECTED BY IRDAI
|
IMPOSED PENALTY RS.1,00,00,000
DIRECTED TO CANCEL AND REVOKE STOCK OPTIONS
DIRECTED TO SECURE PROPER MANAGEMENT FROM DATE OF ORDER
23-JUL-2024
|
|
| 33 |
|
|
CHOLA MS GENERAL INSURANCE CO.LTD.
|
|
|
ENGAGED WITH AND CORRESPONDING PAYMENTS IN THE NAME OF DISPLAY OF ADVERTISEMENT MATERIAL TO MISPS VIOLATING PARA 15(5)(D) OF IRDA (MISP) DIRECTIVES/INSTRUCTIONS/GUIDELINES
|
IMPOSED PENALTY RS.1,00,00,000
08-MAR-2021
|
|
| 34 |
|
|
CHOLAMANDALAM MS GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT TAKE APPROVAL FROM IRDA BEFORE ENTERING INTO CORPORATE AGENCY AGREEMENT WITH ANOTHER INSURER
GIVEN IN WRITING TO CENTRAL BANK OF INDIA ABOUT PAYMENT OF RS.10 CRORE FOR PROVIDING INFORMATION ABOUT BANK’S CUSTOMERS ETC.VIOLATING DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED FOR LICENSING OF CORPORATE AGENTS
PAID COMPENSATION TO CENTRAL BANK OF INDIA FOR SOLICITATION BY THIRD PARTY TO SHARE INFORMATION ABOUT ITS MEMBERS
|
IMPOSED PENALTY RS.5,00,000
09-FEB-2011
|
|
| 35 |
|
|
CHOLAMANDALAM MS GENERAL INSURANCE CO.LTD.
|
|
|
PAID MONIES APART FROM/OVER AND ABOVE COMMISSION TO CORPOPRATE AGENT INDUSIND BANK LTD. IN FORM OF “DATABASE SHARING/INCENTIVES TO EMPLOYEES OF CORPORATE AGENT AND INFRASTRUCTURE SETTING UP COSTS”
|
IMPOSED PENALTY RS.10,00,000
30-AUG-2011
|
|
| 36 |
|
|
CHOLAMANDALAM MS 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
|
|
| 37 |
|
|
CHOLAMANDALAM MS GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT REPORT TO INSPECTION OBSERVATION ON INDIVIDUAL REFERRALS WHO ARE ALSO AGENTS OF OTHER INSURERS
MADE HIGHER DISCOUNTS IN PREMIUM IN EXCESS OF MAXIMUM DISCOUNT ALLOWED UNDER MOTOR ,ENGINEERING AND TRAVEL POLICIES
ISSUED SPECIAL CONTINGENCY POLICY WITHOUT FILING AND TAKING APPROVAL FROM AUTHORITY
DID NOT PLACE SYSTEM CONTROLS TO ENSURE COMPLIANCE VIOLATING OF SECTION 64-VB OF INSURANCE ACT, 1938
DID NOT MAKE DISCLOSURE OF INFORMATION OF ADD-ON COVERS AND PREMIUM BIFURCATION TOWARDS BASE COVER/OPTIONAL OPTED ADD-ON COVERS IN THE POLICY SCHEDULE VIOLATING PROVISIONS OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.25,00,000
16-DEC-2015
|
|
| 38 |
|
|
CHOLAMANDALAM MS GENERAL INSURANCE CO.LTD.
|
|
|
PAID COMMISSION ON PORTED HEALTH POLICIES VIOLATING CLAUSE 15 OF SCHEDULE I OF IRDA (HEALTH INSURANCE) REGULATIONS, 2013
PAID FEE WITHOUT HAVING UPPER CAP/LIMIT ON FEE PAYABLE
DID NOT ADHERE TO CIRCULAR ON PROVIDING OF INFORMATION OF AGENCY CONTACT DETAILS IN POLICY DOCUMENT
|
IMPOSED PENALTY RS.1,01,00,000
22-OCT-2019
|
|
| 39 |
|
|
DHFL PRAMERICA LIFE INSURANCE CO.LTD.
|
|
|
ENTERED INTO OUTSOURCING AGREEMENTS WITH ENTITIES OWNED/RELATED TO INDIVIDUAL AGENTS AND MADE EXTRA PAYOUTS
ENTERED INTO AGREEMENTS WITH RELATED PARTIES OF CORPORATE AGENTS TO OBTAIN SERVICES AND MADE PAYMENTS TO ENTITIES
NAMED AN INDIVIDUAL (HOLDING A LICENSE AS AN INDIVIDUAL AGENT) AS CORPORATE INSURANCE EXECUTIVE (CIE) OF A CORPORATE AGENT
|
IMPOSED PENALTY RS.15,00,000
13-APR-2016
|
|
| 40 |
|
|
EDELWEISS LIFE INSURANCE CO.LTD.
|
|
|
DID NOT CAPTURE BANK ACCOUNT DETAILS OF POLICYHOLDERS AT PROPOSAL AT PROPOSAL STAGE VIOLATING CLAUSE 4B(I) AND 4B(II) OF CIRCULAR NO.IRDA/F&A/CIR/MISC/282/11/2020 DATED 17/11/2020
DID NOT ENSURE THAT TRANSACTION ENTERED WITH RELATED PARTIES ARE AT ARM’S LENGTH PRICE
DID NOT CLASSIFY AND DISCLOSE ACTIVITIES LIKE TRAINING AND ADVERTISING AS OUTSOURCING
DID NOT SUBMIT RESOLUTION PASSED BY BOARD WITH RESPECT TO RELATED PARTY TRANSACTIONS
DID NOT UNDERTAKE DUE DILIGENCE OF THE VENDORS AND DID NOT REVIEW IT ANNUALLY
|
IMPOSED PENALTY RS.1,00,00,000
23-JUN-2025
|
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
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