| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 41 |
|
EXIDE LIFE INSURANCE CO.LTD.
|
|
|
PAID APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION/REMUNERATION TO CORPOARTE AGENTS
PAID RS.24 CRORES TOWARD INFRASTRUCTURE FACILITY CHARGES TO CORPORATE AGENT DURING FY. 2013-14 VIOLATING CLAUSE 21 OF CORPORATE AGENCY DIRECTIVES/INSTRUCTIONS/GUIDELINES
|
IMPOSED PENALTY RS.3,00,000
15-NOV-2018
|
|
| 42 |
|
|
FUTURE GENERALI INDIA 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
|
|
| 43 |
|
|
FUTURE GENERALI INDIA INSURANCE CO.LTD.
|
|
|
MADE PAYMENTS TO INTERMEDIARIES (BROKERS) UNDER ACCOUNTING HEADS SUCH AS SUPPORT SERVICES,CONSULTANCY ETC.
ENGAGED UNLICENSED INDIVIDUALS/ENTITIES/MOTOR DEALERS/TRAVEL AGENTS/COOPERATIVE BANKS TO SOLICIT INSURANCE BUSINESS AND REMUNERATION WAS PAID IN NAME OF "REIMBURSEMENT OF SUPPORT SERVICES", "CONSULTANCY FEE"
ALLOWED INDIVIDUALS TO SOLICIT INSURANCE BUSINESS WITHOUT HOLDING VALID LICENSE
REFERRAL PARTNERS ENGAGED BY THE INSURER WERE INVOLVED IN SOLICITATION OF INSURANCE AND THE INSURER ISSUED POLICIES TO THE INSURED MENTIONING THE NAME OF THE REFERRAL PARTNER AS "INTERMEDIARY" ON POLICY SCHEDULE
ALLOWED DISCOUNTS ON PREMIUM IN EXCESS OF MAXIMUM DISCOUNT FILED UNDER FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
OFFERED CRITICAL ILLNESS COVER TO MASTER POLICYHOLDER UNDER GROUP HEALTH POLICY BUT TERMS & CONDITIONS UNDER CRITICAL ILLNESS COVER WERE NOT AS PER PRODUCT FILED WITH IRDAI UNDER FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
MADE PAYMENT TO VARIOUS POLICY HOLDERS IN NAME OF SUPPORT CHARGES VIOLATING OF CLAUSE C(4) OF GROUP INSURANCE DIRECTIVES/INSTRUCTIONS/GUIDELINES, 2005
|
IMPOSED PENALTY RS.35,00,000
16-MAY-2016
|
|
| 44 |
|
|
FUTURE GENERALI INDIA INSURANCE CO.LTD.
|
|
|
OFFERED ADD-ON COVER PRIOR TO FILING THE ADD-ON COVER WITH IRDA FOR APPOVAL VIOLATING SECTION 102(B) OF INSURANCE ACT, 1938
OFFERED ADD-ON COVER WITHOUT OBTAINING CONSENT OF POLICYHOLDER VIOLATING REGULATION 3(2) OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.17,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
09-APR-2021
|
|
| 45 |
|
|
FUTURE GENERALI INDIA LIFE INSURANCE CO.LTD.
|
|
|
DELAY IN CANCELLATION OF POLICIES UNDER FREE LOOK OPTION
DID NOT CANCEL POLICIES UNDER FREE LOOK OPTION
DELAY IN DESPATCH OF POLICY BONDS
|
ADVISED INSURANCE COMPANIES TO STRICTLY ADHERE TO IRDA GUIDELINES
14-NOV-2011
|
|
| 46 |
|
|
FUTURE GENERALI INDIA LIFE INSURANCE CO.LTD.
|
|
|
PERMITTED VARIOUS UNLICENSED INDIVIDUALS TO SOLICIT AND PROCURE BUSINESS
|
IMPOSED PENALTY RS.20,00,000
09-JAN-2012
|
|
| 47 |
|
|
FUTURE GENERALI INDIA LIFE INSURANCE CO.LTD.
|
|
|
PURCHASED GIFT VOUCHERS FROM ONE OF THE GROUP COMPANIES AND DISTRIBUTED IN THE NAME OF BRAND BUILDING ACTIVITY AND RECRUITMENT DRIVE OF POTENTIAL ADVISORS VIOLATING REGULATION 23 (F) OF IRDA (REGISTRATION OF INSURANCE COMPANIES) REGULATIONS, 2000
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
PAID COMMISSION TO PERSONS, WHICH WERE NOT LICENSED TO SOLICIT BUSINESS
ENGAGED IN SOLICITATION OF INSURANCE BUSINESS THROUGH MULTILEVEL MARKETING MODEL
ALLOWED AN INDIVIDUAL TO ATTEND DUBAI CONVENTION WHO WAS NEITHER TIED AS AGENT NOR APPOINTED AS A SPECIFIED PERSON BY ANY CORPORATE AGENT
DID NOT HAVE PROPER SYSTEM FOR ADMINISTRATION OF GROUP POLICIES
|
IMPOSED PENALTY RS.50,00,000
10-JUN-2015
|
|
| 48 |
|
|
FUTURE GENERALI INDIA 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
|
|
| 49 |
|
|
FUTURE GENERALI INDIA LIFE INSURANCE CO.LTD.
|
|
|
ACCEPTED RENEWAL PREMIUM IN CASH BEYOND RS.50,000.00 WITHOUT OBTAINING PAN/FORM60/61
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
22-MAY-2024
|
|
| 50 |
|
|
GENERAL INSURANCE CORP.OF INDIA
|
|
|
DID NOT FULFILL MANDATORY MINIMUM REQUIREMENT OF MINIMUM INVESTMENT OF 20% IN CENTRAL GOVT.SECURITIES
|
IMPOSED PENALTY RS.5,00,000
DIRECTED TO MEET MANDATORY MINIMUM REQUIREMENT OF 20% OF INVESTMENT ASSETS TO BE INVESTED IN CENTRAL GOVT.SECURITIES
01-FEB-2010
|
|
| 51 |
|
|
GO DIGIT GENERAL INSURANCE LTD.
|
|
|
CARRIED BUSINESS IN CLASS OF INSURANCE I.E. LIFE INSURANCE BUSINESS IN WHICH THE INSURER HAS NOT GRANTED CERTIFICATE OF REGISTRATION BY IRDAI
|
DIRECTED TO DISCONTINUE PRODUCT “DIGIT GROUP TOTAL PROTECT POLICY”
DIRECTED TO WITHDRAW ALL THE ADVERTISEMENTS REGARDING THE PRODUCT “DIGIT GROUP TOTAL PROTECT POLICY”FROM ALL MEDIA
DIRECTED TO FURNISH ACTION TAKEN REPORT WITHIN FIFTEEN DAYS FROM DATE OF THIS ORDER
DIRECTED TO PLACE THIS ORDER IN IMMEDIATE BOARD MEETING AND SEND CERTIFIED COPY OF MINUTES TO IRDAI
30-DEC-2021
|
|
| 52 |
|
|
GO DIGIT GENERAL INSURANCE LTD.
|
|
|
DELAY IN REMITTANCE OF PREMIUM BY MOTOR INSURANCE SERVICE PROVIDER (MISP)
USED CLAUSES/TERMS IN STANDARD OPERATING PROCEDURE (SOP) RELATED TO PROCESSING OF MOTOR INSURANCE CLAIMS AGAINST THE INTEREST OF POLICYHOLDERS
DID NOT SEND INITIAL ASSESSMENT OF LOSS OR FINAL SETTLEMENT LETTER TO POLICYHOLDER
|
IMPOSED PENALTY RS.5,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
29-JAN-2021
|
|
| 53 |
|
|
GO DIGIT GENERAL INSURANCE LTD.
|
|
|
DELAY IN SUBMISSION OF JOINT VENTURE AMENDMENT AGREEMENT TO IRDAI
|
IMPOSED PENALTY RS.1,00,00,000
02-MAY-2024
|
|
| 54 |
|
|
HDFC ERGO GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO OBLIGATIONS TOWARDS SOCIAL SECTOR IN 2007-08
|
IMPOSED PENALTY RS.5,00,000
24-JUN-2009
|
|
| 55 |
|
|
HDFC ERGO 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
|
|
| 56 |
|
|
HDFC ERGO GENERAL INSURANCE CO.LTD.
|
|
|
ALLOTTED MANY ONLINE ACCESS CODES TO INDIVIDUAL AGENT
INVOLVED UNLICENSED ENTITIES/PERSONS IN SOLICITATION OF BUSINESS
ALLOWED LICENSED ENTITY TO ACT AS VENDOR VIOLATING OURSOURCING DIRECTIVES/INSTRUCTIONS/GUIDELINES
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES AND MADE ADDITIONAL PAYOUTS WITHOUT ANY WRITTEN CONTRACT AND DID NOT MAKE DISCLOSURE OF THIS INFORMATION IN OUTSOURCING STATEMENTS
|
IMPOSED PENALTY RS.15,00,000
21-DEC-2016
|
|
| 57 |
|
|
HDFC ERGO GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
DID NOT ADHERE TO MOTOR VEHICLE ACT RELATED TO TOTAL LOSS/CONSTRUCTIVE TOTAL LOSS VIOLATING REGULATION 9(5) OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.5,00,000
05-DEC-2018
|
|
| 58 |
|
|
HDFC LIFE INSURANCE CO.LTD.
|
|
|
DID NOT HAVE PROPER INTERNAL CONTROLS TO ENSURE THAT ADVANCE PREMIUMS ARE NOT COLLECTED BEYOND THREE MONTHS FOR POLICIES AS PRESCRIBED IN REGULATIONS
DID NOT TRANSFER AMOUNT TO UNCLAIMED FUND EVEN AFTER SIX MONTHS FROM DUE DATE AND CONSEQUENTLY UNCLAIMED FUND WAS NOT DISCLOSED ACCURATELY
DID NOT PROCESS PROPOSALS WITH SPEED AND EFFICIENCY AND DID NOT ADJUST/REFUND THE PREMIUM DEPOSIT WITHIN STIPULATED TIME
DID NOT TRANSFER UNALLOCATED PREMIUM BEYOND SIX MONTHS TO UNCLAIMED AMOUNT
DELAY IN PAYMENT OF MATURITY CLAIMS
DID NOT HAVE ROBUST SYSTEMS IN PLACE TO PROCESS MATURITY CLAIMS AND SURVIVAL BENEFIT
DID NOT REVIEW AND ENSURE THAT THE INTERNAL SYSTEMS AND CONTROLS ARE EFFICIENT ENOUGH TO MANAGE OPERATIONAL ISSUES RELATED TO AGENTS VIZ THEIR APPOINTMENT, RENEWAL AND TERMINATION ETC.
DID NOT TAKE PRIOR APPROVAL OF COMMON DIRECTORSHIP FROM THE AUTHORITY EVEN THOUGH RE-APPOINTMENT
OUTSOURCING PAYMENTS NOT REPORTED TO AUTHORITY UNDER “OUTSOURCING RETURNS” AS PER REGULATION 21 OF IRDAI (OUTSOURCING OF ACTIVITIES BY INDIAN INSURERS) REGULATIONS, 2017
UTILIZED SERVICES OF INSURANCE BROKERS AS A REGULAR TELE-MARKETER OR OUTSOURCING SERVICE PROVIDE AND NOT LIMITING SERVICES AS SPECIFIED IN REGULATIONS
MADE PAYMENTS OTHER THAN COMMISSION/REMUNERATION TO VARIOUS CORPORATE AGENTS
MADE PAYMENTS FOR DISPLAYING BANNERS ON THEIR WEBSITES WITHOUT VENDOR DUE DILIGENCE DOCUMENTS ETC.
MADE EXCESS PAY-OUTS TO INSURANCE BROKER PROPORTIONATE TO BUSINESS PLACE
|
IMPOSED PENALTY RS.2,00,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
DIRECTED TO SUBMIT ACTION TAKEN REPORT
01-AUG-2024
|
|
| 59 |
|
|
HDFC STANDARD LIFE INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO OBLIGATIONS TOWARDS RURAL SECTOR IN 2008-09
|
IMPOSED PENALTY RS.5,00,000
DIRECTED TO MEET UNFULFILLED PART OF RURAL AND/OR SOCIAL SECTORS
07-JAN-2010
|
|
| 60 |
|
|
HDFC STANDARD LIFE INSURANCE CO.LTD.
|
|
|
CONSIDERABLE DELAY IN PROCESSING AND SETTLEMENT OF DEATH CLAIMS
|
IMPOSED PENALTY RS.5,00,000
04-OCT-2011
|
|
| 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 10
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