| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 61 |
|
JUST INSURE BROKERS LTD.
|
|
|
DID NOT APPOINT TRAINED PRINCIPAL OFFICER
FAILED TO PAY PRESCRIBED ANNUAL FEES
|
SHOW CAUSE NOTICE ISSUED
SUSPENDED LICENSE TEMPORARILY TILL DULY QUALIFIED PRINCIPAL OFFICER APPOINTED
10-JAN-2005
|
|
| 62 |
|
|
K.S.INSURANCE BROKING PVT. LTD
|
|
|
SURRENDERED DIRECT INSURANCE BROKING LICENSE
|
CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE BROKER
23-MAY-2007
|
|
| 63 |
|
|
LAMBACH INSURANCE BROKERS PVT.LTD.
|
|
|
PROVIDED MISLEADING INFORMATION ON WEBSITE
DID NOT MAKE DISCLOSURE OF OPENING OF NEW BRANCH OFFICE
DID NOT INFORM IRDA ABOUT AMENDMENT IN MEMORANDUM OF ASSOCIATION (MOA)
DELAY IN PAYMENT OF ANNUAL FEES
BUSINESS EMANATED BY WELSPUN GROUP ABOVE STIPULATED LIMIT
POLICY SCHEDULE AND CONDITIONS ATTACHED TO POLICY HAD THREE DIFFERENT COMPULSORY EXCESS
AGREEMENTS EXECUTED ON INAPPROPRIATE STAMP PAPERS AND DID NOT BEAR ANY NAME AND SIGNATURE OF WITNESS
EMPLOYED AGENT ON ITS ROLL
PAID FEES WITHOUT ANY SERVICE AGREEMENT AND ANY SUPPORTING DOCUMENTS TO SUBSTANTIATE SERVICES PROVIDED BY VENDORS
|
IMPOSED PENALTY RS.15,20,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
06-FEB-2015
|
|
| 64 |
|
|
LIFE INSURANCE CORP.OF INDIA
|
|
|
PROPOSAL FORMS ALTERED WITHOUT NECESSARY AUTHENTICATION FROM PROPOSERS AND POLICIES ISSUED WITH TERMS & CONDITIONS OTHER THAN AS APPLIED BY PROPOSERS
DID NOT ADHERE TO THE DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY IRDA ON INVESTMENTS
|
IMPOSED PENALTY RS.10,00,000
12-FEB-2015
|
|
| 65 |
|
|
LORD KRISHNA INSURANCE BROKERS PVT.LTD.
|
|
|
DID NOT APPLY FOR RENEWAL OF REGISTRATION
|
CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE BROKER
11-JAN-2008
|
|
| 66 |
|
|
LORD KRISHNA INSURANCE BROKERS PVT.LTD.
|
|
|
SURRENDERED COMPOSITE BROKER BROKING LICENSE
|
CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE BROKER
25-NOV-2011
|
|
| 67 |
|
|
MARSH INDIA INSURANCE BROKERS PVT.LTD.
|
|
|
DELAY IN REMITTANCE OF PREMIUM TO THE INSURER/ REINSURER VIOLATING CLAUSE (F) OF SCHEDULE II-FORM U UNDER REGULATION 33(2) OF IRDAI (INSURANCE BROKERS) REGULATIONS, 2018
|
IMPOSED PENALTY RS.1,00,00,000
DIRECTED TO UNDERTAKE A REVIEW OF ALL PENDING REMITTANCES AND FILE ACTION TAKEN REPORT INCLUDING STATUS OF PENDING REMITTANCES
DIRECTED TO REVIEW INTERNAL CONTROLS AND IDENTIFY DEFICIENCIES IN PROCESSES AND DRAW ACTION PLAN TO ENSURE THAT ISSUES ARE ADDRESSED AND CORRECTIVE ACTIONS ARE IMPLEMENTED TO BRING AVERAGE DELAY WITH MANDATED TURNAROUND TIMES
14-OCT-2024
|
|
| 68 |
|
|
MASS INSURANCE BROKERS PVT.LTD.
|
|
|
DID NOT FURNISH REQUIRED INFORMATION/DOCUMENTS TO IRDA
|
SUSPENDED LICENSE AS INSURANCE BROKER TILL FURTHER ORDER
08-JUN-2004
|
REVOCATION OF SUSPENSION ORDER
|
| 69 |
|
|
MAX LIFE INSURANCE CO.LTD.
|
|
|
MISUSED DUAL RELATIONSHIP OF BANK AS A SHAREHOLDER AND CORPORATE AGENT
DID NOT OBTAIN PRIOR APPROVAL FOR TRANSFER OF SHARES TO AXIS BANK LTD. AND ITS GROUP COMPANIES
UNDERTOOK AND FACILITATED TRANSACTIONS OF TRANSFER OF SHARES BETWEEN PARTIES
|
IMPOSED PENALTY RS.3,00,00,000
13-OCT-2022
|
|
| 70 |
|
|
MEGATOP INSURANCE BROKING LTD.
|
|
|
COMMITTED BREACH OF CODE OF CONDUCT UNDER IRDA REGULATIONS
|
SUSPENDED LICENSE AS INSURANCE BROKER
27-JAN-2009
|
|
| 71 |
|
|
MF INSURANCE & REINSURANCE SERVICES
|
|
|
COMMITTED BREACH OF CODE OF CONDUCT UNDER IRDA REGULATIONS
COMMITTED SERIOUS IRREGULARITIES BY GIVING WRONG NAMES OF THE REINSURERS
|
SUSPENDED LICENSE AS INSURANCE BROKER
09-FEB-2007
|
INSURANCE BROKER EXPRESSED THEIR DECISION TO VOLUNTARY SURRENDER THEIR BROKERS LICENCE. AND IRDA SUBSEQUENTLY CANCELLED THE LICENCE.
|
| 72 |
|
|
MFL INSURANCE SERVICES PVT.LTD.
|
|
|
SURRENDERED DIRECT INSURANCE BROKING LICENSE
|
CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE BROKER
04-JAN-2010
|
|
| 73 |
|
|
MOUNT SHIKHAR INSURANCE BROKERS PVT.LTD.
|
|
|
SURRENDERED DIRECT INSURANCE BROKING LICENSE
|
CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE BROKER
23-NOV-2010
|
|
| 74 |
|
|
MUTHOOT RISK INSURANCE & BROKING SERVICES PVT.LTD.
|
|
|
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
|
IMPOSED PENALTY RS.1,00,00,000
07-APR-2021
|
|
| 75 |
|
|
NETAMBIT INSURANCE BROKING INDIA LTD.
|
|
|
DID NOT DISCLOSE MATERIAL FACTS IN APPLICATION SUBMITTED TO OBTAIN LICENCE
DID NOT MAKE DISCLOSURE OF INFORMATION ON ACTIVITIES OF DIRECTORS, PROMOTERS GROUP ENTITIES IN APPLICATION FOR GRANT OF LICENSE AND SUBMITTED WRONG UNDERTAKING
COMMITTED BREACH OF CODE OF CONDUCT UNDER IRDA REGULATIONS
FILED FORGED AGREEMENTS TO AVAIL TELEMARKETING SERVICES
ENGAGED IN OFFERING AND CROSS SELLING OF VARIOUS PRODUCTS IN ADDITION TO INSURANCE PRODUCTS
|
REJECTED APPLICATION FILED FOR RENEWAL OF LICENSE AS INSURANCE BROKER
CEASED TO ACT AS INSURANCE BROKER
03-OCT-2013
|
|
| 76 |
|
|
NETAMBIT INSURANCE BROKING INDIA LTD.
|
|
|
HIRED SOME OF THE EMPLOYEES HAVING THEIR INDIVIDUAL AGENT LICENSE VIOLATING CODE OF CONDUCT CLAUSE 3(B) OF SCHEDULE VI-A UNDER REGULATION 28 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
COMMUNICATED WRONG FIGURES DURING ONSITE INSPECTION VIOLATING CODE OF CONDUCT CLAUSE 1 OF SCHEDULE VI-A UNDER REGULATION 28 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
|
IMPOSED PENALTY RS.20,00,000
10-JAN-2018
|
|
| 77 |
|
|
PARAMOUNT INSURANCE BROKERS PVT.LTD.
|
|
|
DID NOT ADHERED TO THE CONDITIONS ON WHICH THE LICENCE WAS GRANTED
INDULGED IN INDUCEMENT IN CASH OR KIND TO THE CLIENT’S DIRECTORS AND THE PERSONS ACTING AS INTRODUCERS
DID NOT SUBMIT HALF YEARLY ACCOUNTS WITHIN STIPULATED TIME LIMIT
DID NOT MAINTAIN ADEQUATE LIMIT OF INDEMNITY IN PROFESSIONAL INDEMNITY POLICY
DID NOT MAINTAIN SYSTEM OF INTERNAL CONTROLS AND INTERNAL AUDIT
DID NOT MAINTAIN , PRESERVE AND PRODUCE BOOKS OF ACCOUNTS , RECORDS , VOUCHERS ETC.
|
CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE BROKER
04-JUL-2007
|
|
| 78 |
|
|
PEGASUS INSURANCE BROKERS PVT.LTD.
|
|
|
DID NOT ADHERE TO CIRCULAR ISSUED BY IRDA
|
SUSPENDED LICENSE AS INSURANCE BROKER
13-OCT-2004
|
BROKER LICENCE CANCELLED AS PER REQUEST OF THE BROKER
|
| 79 |
|
|
PNB PRINCIPAL INSURANCE BROKING PVT.LTD.
|
|
|
SURRENDERED DIRECT INSURANCE BROKING LICENSE
|
CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE BROKER
14-FEB-2011
|
|
| 80 |
|
|
PREETI N.AGGARWALA
|
|
|
SUPPRESSED MATERIAL INFORMATION REGARDING PROMOTERS IN APPLICATION FILED FOR GRANT OF INSURANCE LICENSE
SUBMITTED FALSE DECLARATION IN APPLICATION FILED FOR GRANT OF INSURANCE LICENSE
SUBMITTED FALSE AFFIDAVIT REGARDING DISQUALIFICATION OF DIRECTOR
|
CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE BROKER
23-FEB-2006
|
|
| 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 4 of 6
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