| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 61 |
|
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
|
|
| 62 |
|
|
HDFC ERGO GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO MINIMUM OBLIGATIONS UNDER MOTOR THIRD PARTY INSURANCE BUSINESS VIOLATING IRDAI (OBLIGATION OF INSURER IN RESPECT OF MOTOR THIRD PARTY INSURANCE BUSINESS) REGULATIONS, 2015
|
IMPOSED PENALTY RS.50,00,000
22-OCT-2025
|
|
| 63 |
|
|
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
|
|
| 64 |
|
|
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
|
|
| 65 |
|
|
HDFC STANDARD LIFE INSURANCE CO.LTD.
|
|
|
CONSIDERABLE DELAY IN PROCESSING AND SETTLEMENT OF DEATH CLAIMS
|
IMPOSED PENALTY RS.5,00,000
04-OCT-2011
|
|
| 66 |
|
|
HDFC STANDARD LIFE INSURANCE CO.LTD.
|
|
|
ISSUED AND SENT CHEQUE IN FAVOUR OF MASTER POLICY HOLDER IN CASE OF DEATH CLAIMS
PAID MARKETING EXPENSES TO CORPORATE AGENTS IN ADDITION TO BROKERAGE PAID
PERMITTED VARIOUS UNLICENSED INDIVIDUALS AND CORPORATES TO SOLICIT AND PROCURE BUSINESS
TOOK 2% EXPOSURE IN SUBSCRIBED EQUITY SHARES OF PVT.LTD.COMPANY
DENIED DEATH CLAIM UNDER HOME PROTECTION POLICY WHERE DEATH OCCURRED WITHIN 90 DAYS FROM THE DATE OF COMMENCEMENT OF THE POLICY
|
IMPOSED PENALTY RS.1,47,00,000
27-JUN-2012
|
|
| 67 |
|
|
HDFC STANDARD LIFE INSURANCE CO.LTD.
|
|
|
CHARGED HIGHER PREMIUM TO COVER MEMBERS OF AGE 50 YEARS AND ABOVE WITHOUT REPORTING TO IRDA
PAID FOR FOREIGN TRIPS TO THIRD PARTY VENDORS FOR EMPLOYEES/SPECIFIED PERSONS OF THE CORPORATE AGENT
OFFERED FINANCIAL AND/OR NON FINANCIAL INCENTIVES DIRECTLY TO EMPLOYEES/SPECIFIED PERSONS
SPONSORED FOREIGN TRIPS TO EMPLOYEES OF THE BROKERS IN THE NAME OF TRAINING
|
IMPOSED PENALTY RS.15,00,000
11-JAN-2017
|
|
| 68 |
|
|
ICICI LIFE INSURANCE CO.LTD.
|
|
|
MADE PAYMENTS DIRECTLY TO EMPLOYEES OF OUTSOURCED ENTITY OVER AND ABOVE AGREED CONTRACT TERMS & CONDITIONS VIOLATING PROVISIONS OF CLAUSE 9.5 AND 9.6 (II) OF OUTSIURCING DIRECTIVES/INSTRUCTIONS/GUIDELINES
|
IMPOSED PENALTY RS.5,00,000
09-OCT-2015
|
|
| 69 |
|
|
ICICI LOMBARD GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT FOLLOW FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES AT THE TIME OF RENEWAL OF MEGA RISK POLICY FOR REFINERIES DIVISION OF INDIAN OIL CORP.LTD.
DID NOT SUBMIT PHOTOCOPY OF PLACEMENT SLIP TO IRDA IN MATTER OF RENEWAL OF MEGA RISK POLICY FOR REFINERIES DIVISION OF INDIAN OIL CORP.LTD.
|
IMPOSED PENALTY RS.5,00,000
09-JAN-2008
|
|
| 70 |
|
|
ICICI LOMBARD GENERAL INSURANCE CO.LTD.
|
|
|
ALLOWED MAXIMUM DISCOUNT IN PRAVASI BHARATIYA BIMA YOJANA POLICIES ACROSS THE BOARD WITHOUT EXERCISING DISCRETION TO THE FACTS OF EACH CASE
|
IMPOSED PENALTY RS.5,00,000
14-MAY-2008
|
|
| 71 |
|
|
ICICI LOMBARD GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT FOLLOW PROPER CLAIM PROCEDURE
DELAYED REPLY TO IRDA
|
DIRECTED TO MODIFY CLAIM PROCEDURE
DIRECTED TO USE EFFECTIVE GRIEVANCE RE-DRESSAL MECHANISM
30-AUG-2010
|
|
| 72 |
|
|
ICICI LOMBARD GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT EXERCISE DUE DILIGENCE IN TERMS OF CLAUSE 5 OF DIRECTIVES/INSTRUCTIONS/GUIDELINES IN MATTER OF RENEWAL OF LICENCE OF CORPORATE AGENTS
DID NOT REFER APPLICATION TO IRDA FOR EXERCISING POWERS VESTED IN IT UNDER IRDA ACT, 1999 AND IRDA (LICENSING OF CORPORATE AGENTS) REGULATIONS, 2002 IN MATTER OF GRANT OF LICENSE TO CORPORATE AGENTS
|
IMPOSED PENALTY RS.5,00,000
07-JUN-2011
|
|
| 73 |
|
|
ICICI LOMBARD 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
|
|
| 74 |
|
|
ICICI LOMBARD GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT COLLECT BENEFICIARY SHARE OF PREMIUM BEFORE GRANTING COVERAGE VIOLATING SECTION 64VB OF INSURANCE ACT, 1938
MADE VARIOUS MODIFICATIONS TO POLICY WORDING WITHOUT FILING AND TAKING APPROVAL FROM IRDA
|
IMPOSED PENALTY RS.10,00,000
03-SEP-2015
|
|
| 75 |
|
|
ICICI LOMBARD GENERAL INSURANCE CO.LTD.
|
|
|
ISSUED GROUP PERSONAL ACCIDENT PRODUCT WITH TERM MORE THAN ONE YEAR VIOLATING REGULATION 3(C), 3(D) AND 4(A & B)) OF IRDA (HEALTH INSURANCE) REGULATIONS, 2013
ISSUED GROUP INDIVIDUAL PERSONAL PROTECT POLICY WITH TERM MORE THAN THREE YEARS VIOLATING REGULATION 3(C), 3(D) AND 4(A & B)) OF IRDA (HEALTH INSURANCE) REGULATIONS, 2013
|
IMPOSED PENALTY RS.1,00,00,000
27-JAN-2020
|
|
| 76 |
|
|
ICICI PRUDENTIAL LIFE INSURANCE CO.LTD.
|
|
|
DEFAULTED IN REFERRAL AGREEMENTS
ENTERED IN REFERRAL AGREEMENTS WITH NON-BANKING ENTITIES INCLUDING INDIVIDUALS
|
ADVISED TO REFRAIN FROM REFERRAL AGREEMENTS
23-MAR-2010
|
|
| 77 |
|
|
ICICI PRUDENTIAL LIFE INSURANCE CO.LTD.
|
|
|
PERMITTED VARIOUS UNLICENSED INDIVIDUALS TO SOLICIT AND PROCURE BUSINESS
ENTERED IN REFERRAL AGREEMENTS WITH NON-BANKING ENTITIES INCLUDING INDIVIDUALS
INCURRED OTHER EXPENSES ON REFERRAL PARTNERS APART FROM REFERRAL FEE
PAID NON-COMPETE FEE APART FROM COMMISSION TO CORPORATE AGENTS
MADE OTHER PAYOUTS APART FROM COMMISSIONS IN THE NAME OF BRANCH LEVEL MARKETING, PROMOTIONAL ACTIVITIES, CUSTOMER AWARENESS PROGRAMMES, MARKET FEEDBACK AND OTHER RELATED ACTIVITES TO INSURANCE BROKER
REMUNERATED MASTER POLICYHOLDERS IN THE NAME OF “MARKET SUPPORT FEE” OR “ADMINISTRATIVE FEE”
|
IMPOSED PENALTY RS.1,18,00,000
ADVISED INSURANCE COMPANIES TO STRICTLY ADHERE TO IRDA GUIDELINES
24-MAY-2012
|
|
| 78 |
|
|
ICICI PRUDENTIAL LIFE INSURANCE CO.LTD.
|
|
|
ENTERED INTO AGREEMENTS WITH GROUP MASTER POLICY HOLDERS AND MADE PAYOUTS VIOLATING CLAUSE B-2 AND CLAUSE C-4 OF GROUP INSURANCE DIRECTIVES/INSTRUCTIONS/GUIDELINES, 2005
ENTERED INTO AGREEMENTS WITH CORPORATE AGENTS AND MADE PAYOUTS VIOLATING CLAUSE 21 OF DIRECTIVES/INSTRUCTIONS/GUIDELINES OF IRDA (LICENSING OF CORPORATE AGENTS) REGULATIONS, 2005
GIFT CARDS, FOREIGN TRIPS ARRANGED FOR EMPLOYEES OF CORPORATE AGENTS THROUGH VARIOUS SALES CAMPAIGNS VIOLATING CLAUSE 21 OF DIRECTIVES/INSTRUCTIONS/GUIDELINES ON IRDA (LICENSING OF CORPORATE AGENTS) REGULATIONS, 2005
FLOATED CONTESTS FOR EMPLOYEES OF THE BROKERS AND REMUNERATED THEM WITH GIFTS AND FOREIGN TRIPS VIOLATING REGULATION 19 OF IRDAI (INSURANCE BROKERS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.20,00,000
27-MAR-2017
|
|
| 79 |
|
|
IDBI FEDERAL LIFE INSURANCE CO.LTD.
|
|
|
CONSIDERABLE DELAY IN PROCESSING AND SETTLEMENT OF DEATH CLAIMS
|
ADVISED INSURANCE COMPANIES TO STRICTLY ADHERE TO IRDA GUIDELINES
01-FEB-2012
|
|
| 80 |
|
|
IDBI FEDERAL LIFE INSURANCE CO.LTD.
|
|
|
MADE PAYMENT OF DEATH CLAIM PROCEEDS TO MASTER POLICYHOLDER VIOLATING OF CLAUSE C-7 OF GROUP INSURANCE DIRECTIVES/INSTRUCTIONS/GUIDELINES, 2005
FLOATED VARIOUS CONTESTS TO INSURANCE BROKERS & EMPLOYEES OF BROKERS AND REWARED OVER & ABOVE COMMISSION/BROKERAGE
|
IMPOSED PENALTY RS.16,00,000
04-NOV-2015
|
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
| |
|
|
| Page 4 of 11
|
