| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 41 |
|
GOLDEN TRUST MULTI 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
|
| 42 |
|
|
HDFC STANDARD LIFE INSURANCE CO.LTD.
|
|
|
CHANGED TERMS & CONDITIONS OF APPROVED VERSIONS OF PRODUCTS WITHOUT PRIOR APPROVAL FROM IRDA
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
03-SEP-2013
|
|
| 43 |
|
|
HERITAGE INSURANCE BROKERS PVT.LTD.
|
|
|
MISUSED FUNDS OF “INSURANCE BANK ACCOUNT” BY INVESTING IN MUTUAL FUNDS
|
REJECTED APPLICATION FOR RENEWAL OF COMPOSITE BROKING LICENSE
05-OCT-2012
|
|
| 44 |
|
|
HINDUSTAN INSURANCE BROKERS LTD.
|
|
|
COMMITTED BREACH OF CODE OF CONDUCT UNDER IRDA REGULATIONS
|
CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE BROKER
29-DEC-2008
|
|
| 45 |
|
|
HSBC INSURANCE BROKERS (INDIA) PVT.LTD.
|
|
|
SURRENDERED COMPOSITE BROKER BROKING LICENSE
|
CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE BROKER
07-APR-2010
|
|
| 46 |
|
|
ICICI LOMBARD GENERAL INSURANCE CO.LTD.
|
|
|
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
PAID NET BROKERAGE HIGHER THAN GROSS BROKERAGE
ALLOWED 15% DISCOUNT FOR PML EXPOSURE WITHOUT FILING AND TAKING APPROVAL FROM IRDA AND RATES CHARGED WERE NOT AS PER RATES FILED WITH IRDA
CHANGED COVERAGE, WORDINGS AND PREMIUM WITHOUT FILING THE SAME WITH IRDA
USED PLAN NAME WHICH WAS FILED WITH IRDA
SUBMITTED INCOMPLETE & MISLEADING INFORMATION TO IRDA
SHOWED TWO DOCUMENTS FOR SAME POLICY HAVING DIFFERENT INSURED’S NAME, DIFFERENCE IN DEDUCTIBLE, SUM INSURED IN AUSTRALIAN DOLLARS IN ONE DOCUMENT AND INR IN ANOTHER DOCUMENT WITHOUT MENTION OF CONSIDERATION (PREMIUM)
LOSS ADJUSTER MENTIONED IN POLICY DOCUMENT WAS NOT IRDA LICENSED SURVEYOR
BOOKED BUSINESS AFTER EXPIRY OF CORPORATE AGENCY LICENSE
|
IMPOSED PENALTY RS.50,00,000
17-OCT-2014
|
|
| 47 |
|
|
IFFCO-TOKIO GENERAL INSURANCE CO.LTD.
|
|
|
DELAY IN SUBMISSION OF QUARTERLY AND HALF YEARLY RETURNS
SUBMITTED WRONG INFORMATION OF INCURRED CLAIMS RATIO (ICR) UNDER DIFFERENT LINES OF HEALTH INSURANCE BUSINESS
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
DIRECTED TO PUT IN PLACE NECESSARY SYSTEMS TO FURNISH CORRECT DATA AND ADHERE TO REGULATORY PROVISIONS
04-JUN-2020
|
|
| 48 |
|
|
IKSITA INSURANCE BROKERS PVT.LTD.
|
|
|
SURRENDERED DIRECT INSURANCE BROKING LICENSE
|
CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE BROKER
01-AUG-2012
|
|
| 49 |
|
|
IL&FS INVESTSMART INSURANCE BROKERS LTD.
|
|
|
SURRENDERED DIRECT INSURANCE BROKING LICENSE
|
CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE BROKER
14-MAY-2010
|
|
| 50 |
|
|
IMPERIAL INSURANCE BROKERS PVT.LTD.
|
|
|
SURRENDERED DIRECT INSURANCE BROKING LICENSE
|
CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE BROKER
20-APR-2011
|
|
| 51 |
|
|
IMRP INSURANCE SERVICES PVT.LTD.
|
|
|
SURRENDERED DIRECT INSURANCE BROKING LICENSE
|
CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE BROKER
17-APR-2008
|
|
| 52 |
|
|
INDIA INFOLINE INSURANCE BROKERS LTD.
|
|
|
HIGH NUMBER OF INSURANCE POLICIES CANCELLED DURING FREE LOOK PERIOD
PROVIDED FREE INSURANCE COVERAGE AS AN INDUCEMENT
EMPLOYED UNTRAINED AUTHORISED VERIFIERS FOR SOLICITING OR SALE OVER DISTANCE MODE
DID NOT DEPOSIT ANNUAL FEES IN STIPULATED TIME
PROFESSIONAL INDEMNITY POLICY NOT AS PER TERMS LAID DOWN IN REGULATION 24
|
IMPOSED PENALTY RS.35,30,000
18-NOV-2013
|
|
| 53 |
|
|
INDIA INFOLINE INSURANCE BROKERS LTD.
|
|
|
PERMITTED VARIOUS UNLICENSED INDIVIDUALS TO SOLICIT AND PROCURE BUSINESS
DID NOT HAVE NECESSARY INFRASTRUCTURE TO RUN INSURANCE BROKING OPERATIONS VIOLATING REGULATION 8(2)(II) OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
DID NOT MAKE DISCLOSURE OF RELATED PARTY TRANSACTIONS
|
IMPOSED PENALTY RS.2,04,00,000
25-NOV-2019
|
|
| 54 |
|
|
ING VYSYA 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
|
|
| 55 |
|
|
INSOL INSURANCE BROKING SERVICES PVT.LTD.
|
|
|
SURRENDERED DIRECT INSURANCE BROKING LICENSE
|
CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE BROKER
01-APR-2010
|
|
| 56 |
|
|
INSPIRE ENSURANCE BROKING SOLUTIONS PVT. LTD.
|
|
|
SURRENDERED DIRECT INSURANCE BROKING LICENSE
|
WITHDRAWN DIRECT INSURANCE BROKING LICENSE
26-OCT-2005
|
|
| 57 |
|
|
JAI SAIRAM INSURANCE BROKING PVT.LTD.
|
|
|
FAILED TO PAY PRESCRIBED ANNUAL FEES
|
SUSPENDED LICENSE AS INSURANCE BROKER
29-JUL-2016
|
|
| 58 |
|
|
JEEVAN SURAKSHA INSURANCE BROKING SERVICES PVT.LTD.
|
|
|
ENGAGED SERVICE PROVIDERS FOR SOLICITING AND PROCURING BUSINESS AND OPENING OFFICES FOR LEAD GENERATION
EMPLOYED CANVASSERS FOR LEAD GENERATION AND PROCURING BUSINESS
DID NOT DISCLOSE MATERIAL FACTS IN APPLICATION SUBMITTED TO OBTAIN LICENCE
|
SUSPENDED LICENSE AS INSURANCE BROKER
06-JUL-2011
|
|
| 59 |
|
|
JEEVAN SURAKSHA INSURANCE BROKING SERVICES PVT.LTD.
|
|
|
ENGAGED SERVICE PROVIDERS FOR SOLICITING AND PROCURING BUSINESS AND OPENING OFFICES FOR LEAD GENERATION
EMPLOYED CANVASSERS FOR LEAD GENERATION AND PROCURING BUSINESS
DID NOT DISCLOSE MATERIAL FACTS IN APPLICATION SUBMITTED TO OBTAIN LICENCE
|
CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE BROKER
06-MAR-2013
|
|
| 60 |
|
|
JRL INSURANCE BROKERS PVT.LTD.
|
|
|
NOT FIT & PROPER TO ACT AS INSURANCE BROKER AS COMPANY'S NET WORTH BECAME NEGATIVE AT THE TIME OF RENEWAL OF LICENSE
|
REJECTED APPLICATION FILED FOR RENEWAL OF LICENSE AS INSURANCE BROKER
05-FEB-2013
|
|
| 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 3 of 6
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