| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 81 |
|
INDIAFIRST LIFE INSURANCE CO.LTD.
|
|
|
DID NOT MONITOR COMPLIANCE OF CORPORATE AGENTS WITH REGARD TO ACCEPTANCE OF CASH BEYOND THRESHOLD SET IN AML DIRECTIVES/INSTRUCTIONS/GUIDELINES
|
ADVISED INSURANCE COMPANIES TO STRICTLY ADHERE TO ANTI-MONEY LAUNDERING (AML) GUIDELINES
09-FEB-2012
|
|
| 82 |
|
|
INDIAFIRST LIFE INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO CIRCULAR ISSUED BY IRDA
CREATED DUMMY CODES IN NEW BUSINESS PROCESSING/POLICY ADMINISTRATION SYSTWEMS AND COMMISSION PAID TO RESPECTIVES CORPORATE AGENTS
FLOATED VARIOUS SALES CAMPAIGNS TO THE EMPLOYEES OF CORPORATE AGENTS IN THE NATURE OF "GIFT CARDS", "ONLINE REDEMPTION POINTS" AND “FOREIGN TRIPS" VIOLATING SECTION 40(1) & 40A OF INSURANCE ACT, 1938
PAID AMOUNT OTHER THAN PERMITTED AGENCY COMMISSION TO CORPORATE AGENT
MADE PAYMENT OF DEATH CLAIM PROCEEDS TO MASTER POLICYHOLDER VIOLATING OF CLAUSE C-7 OF GROUP INSURANCE DIRECTIVES/INSTRUCTIONS/GUIDELINES, 2005
LAUNCHED POLICIES WHICH WERE NOT APPROVED BY IRDA VIOLATING FILE AND USE DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY IRDA
DID NOT OBTAIN CERTIFICATE AT THE END OF THE MEMBERSHIP FORM FROM PROSPECT VIOLATING REGULATION 3(4) & 4(2) OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.65,00,000
26-MAY-2015
|
|
| 83 |
|
|
INDIAFIRST LIFE INSURANCE CO.LTD.
|
|
|
PAID APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION/REMUNERATION TO CORPOARTE AGENTS
|
IMPOSED PENALTY RS.5,00,000
03-JUL-2015
|
|
| 84 |
|
|
INDIAFIRST LIFE INSURANCE CO.LTD.
|
|
|
DID NOT MAINTAIN SHADOW ACCOUNT OF SUPERANNUATION FUND AND POLICY ACCOUNT VALUE ON THE WEBSITE VIOLATING IRDAI (NON-LINKED INSURANCE PRODUCTS) REGULATIONS, 2013
DID NOT CALCULATE RISK FOR REINSURANCE ON APPROXIMATE BASIS VIOLATING CLAUSE 6 OF CORPORATE GOVERNANCE DIRECTIVES/INSTRUCTIONS/GUIDELINES
RECOVERED SURRENDER CHARGES ON AUTO FORECLOSURE OF POLICIES
MAINTAINED SEPARATE SHAREHOLDERS’ FUND AND POOLED UNCLAIMED AMOUNTS OF POLICYHOLDERS INTO THIS ACCOUNT VIOLATING IRDA (PREPARATION OF FINANCIAL STATEMENTS AND AUDITORS REPORT OF INSURANCE COMPANIES) REGULATIONS, 2002
MAINTAINED SEPARATE SHAREHOLDERS’ FUND AND POOLED UNCLAIMED AMOUNTS OF POLICYHOLDERS INTO THIS ACCOUNT VIOLATING SECTIONS 10 & 11 OF INSURANCE ACT,1938
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
05-MAY-2017
|
|
| 85 |
|
|
ING VYSYA LIFE INSURANCE CO.LTD.
|
|
|
CHARGED RIDER PREMIUM IN VIOLATION OF PROVISION OF REGULATION 3(1) OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002
DID NOT ADHERE TO FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
INDULGED IN PROMOTIONAL COMPETITION AMONGST REFERRAL PARTNERS VIOLATING IRDA CIRCULAR DATED 14/02/3003
|
ADVISED STRICTLY ADHERE TO PROVISIONS OF INSURANCE ACT, 1938
05-JAN-2010
|
|
| 86 |
|
|
ING VYSYA LIFE INSURANCE CO.LTD.
|
|
|
|
ADVISED TO BRING EXPENDITURE LEVELS WITHIN THE PRESCRIBED LIMITS
18-NOV-2010
|
|
| 87 |
|
|
ING VYSYA LIFE INSURANCE CO.LTD.
|
|
|
INCURRED OTHER EXPENSES ON REFERRAL PARTNERS APART FROM REFERRAL FEE
PAID MARKETING EXPENSES TO CORPORATE AGENTS IN ADDITION TO BROKERAGE PAID
|
IMPOSED PENALTY RS.30,00,000
30-JUL-2012
|
|
| 88 |
|
|
KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LTD.
|
|
|
CONSIDERABLE DELAY IN PROCESSING AND SETTLEMENT OF DEATH CLAIMS
PAID CLAIM CHEQUES TO MASTER POLICY HOLDER
WAIVED PORTION OF TOTAL PREMIUM WHEN POLICY ACCEPTED WITH EXTRA
WAIVED SURRENDER CHARGES PARTIALLY OR FULLY
ALLOWED SURRENDERS WITHIN THREE YEARS
WAIVED SURRENDER PENALTY
SURRENDERED MWP POLICIES
SOLD OTHER THAN TERM POLICIES (UNIT LINKED POLICIES) IN KEY-MAN INSURANCE POLICIES
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
30-OCT-2008
|
|
| 89 |
|
|
KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LTD.
|
|
|
REPUDIATED DEATH CLAIMS FOR NON-SUBMISSION OF CLAIM REQUIREMENTS WITHOUT ALLOWING SUFFICIENT TIME TO CLAIMANT
REMUNERATED MASTER POLICYHOLDERS TOWARDS ADMINISTRATIVE FEE
MODIFIED POLICY TERMS OF COMPLETE COVER GROUP PLANS WITHOUT GETTING CLEARANCE FROM IRDA
|
IMPOSED PENALTY RS.22,00,000
07-SEP-2012
|
|
| 90 |
|
|
KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LTD.
|
|
|
CLAIMED UNDER GROUP MASTER POLICY REPUDIATED ON THE GROUNDS OF “NON-DISCLOSURE IN HEALTH DECLARATION” BY INDIVIDUAL MEMBER
|
IMPOSED PENALTY RS.5,00,000
06-MAY-2016
|
|
| 91 |
|
|
L&T 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
|
|
| 92 |
|
|
L&T GENERAL INSURANCE CO.LTD.
|
|
|
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
MADE CHANGES TO TARIFF WORDINGS WITHOUT FILING AND TAKING APPROVAL FROM IRDA
ALLOWED DISCOUNTS ON FILED RATES ON DIFFERENT BASIS/GROUNDS
DID NOT ADHERE TO RATING & PRICING PROCEDURE NOR THE PREMIUM QUOTATIONS WERE APPROVED BY APPOINTED ACTUARY OR ANY OTHER AUTHROIZED PERSON
SETTLED LESSER CLAIM THAN ELIGIBLE
ACCEPTED PREMIUM FROM THIRD PARTY HAVING NO INSURABLE INTEREST
DID NOT FILE “STANDARDIZED PRODUCT SCRIPTS” IMMEDIATELY ON ENTERING INTO AGREEMENT
|
IMPOSED PENALTY RS.50,00,000
30-JUL-2015
|
|
| 93 |
|
|
LIBERTY GENERAL INSURANCE 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.13,00,000
15-APR-2021
|
|
| 94 |
|
|
LIBERTY VIDEOCON GENERAL INSURANCE CO.LTD.
|
|
|
CREATED INTERMEDIARY CODES FOR UNAUTHORISED ENTITIES, SOLICITED BUSINESS THROUGH THESE ENTITIES, BOOKED UNDER DIRECT CHANNEL AND MADE PAYMENT IN THE NAME OF OUTSOURCED ACTIVITIES
PAID PROFESSIONAL FEE APART FROM STIPULATED INSURANCE COMMISSION TO INDIVIDUAL AGENTS
DID NOT MAKE DISCLOSURE OF PROFESSIONAL FEE PAID TO INDIVIDUAL AGENTS APART FROM STIPULATED INSURANCE COMMISSION TO IRDA AS REQUIRED UNDER FORM 31B (2) OF INSURANCE ACT, 1938
DISTORTED RATING STRUCTURE WITH HIGH DISCOUNTS ON BASIC RATE AND COVERED BASIC PREMIUM BY OVERCHARGING ON CATASTROPHIC PERILS, MISLED REINSURANCE BROKERS TO DEVELOP APPROPRIATE REINSURANCE TERMS IN REINSURANCE MARKET
|
IMPOSED PENALTY RS.15,00,000
22-DEC-2016
|
|
| 95 |
|
|
LIFE & GENERAL INSURANCE & REINSURANCE BROKERS PVT.LTD.
|
|
|
ACCEPTED APPOINTMENT BY ANOTHER BROKER WITHOUT PROPER MANDATE BY THE CLIENT
DID NOT MAKE DISCLOSURE OF COURT CASES IN RENEWAL APPLICATION
SOLICITED INSURANCE BUSINESS BEFORE THE DATE OF LICENSE
PROVIDED CLAIM CONSULTANCY BEYOND RS.1 CRORE VIOLATING CLAUSE 3(I) AND 3(III) OF IRDA CIRCULAR IRDA/BRK/CIR/GLD/270/12/2011 DATED 07/12/2011
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
DIRECTED TO ABSTAIN FROM ACCEPTING APPOINTMENT BY ANOTHER BROKER WITHOUT PROPER MANDATE BY CLIENT
24-APR-2017
|
|
| 96 |
|
|
LIFE INDIA EDUCATIONAL & CHARITABLE TRUST
|
|
|
SOLD INSURANCE & INVESTMENT PRODUCTS TO ITS MEMBERS AT THE POINT OF ENROLLING THEM INTO TRUST MEMBERSHIP VIOLATING REGULATION 9(1)(D) OF IRDA (LICENSING OF CORPORATE AGENTS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.5,00,000
22-SEP-2016
|
|
| 97 |
|
|
LIFE INSURANCE CORP.OF INDIA
|
|
|
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
|
|
| 98 |
|
|
LIFE INSURANCE CORP.OF INDIA
|
|
|
CONSIDERABLE DELAY IN PROCESSING AND SETTLEMENT OF DEATH CLAIMS
|
ADVISED TO COMPLETE ALL CLAIM INVESTIGATIONS WITHIN STIPULATED TIME AND PUT IN PLACE EFFECTIVE SYSTEMS TO SETTLE THE CLAIMS PROMPTLY
28-NOV-2011
|
|
| 99 |
|
|
MAGMA HDI GENERAL INSURANCE CO.LTD.
|
|
|
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
|
IMPOSED PENALTY RS.5,00,000
05-APR-2017
|
|
| 100 |
|
|
MAX BUPA HEALTH INSURANCE CO.LTD.
|
|
|
SOLD NEW VERSION OF PRODUCT, BEFORE ITS CLEARANCE FROM IRDA AND CONTINUED TO OFFER OLD VERSION OF PRODUCTS, EVEN AFTER APPROVAL OF NEW VERSION OF PRODUCTS
INVOLVED VARIOUS UNLICENSED ENTITIES TO SOLICIT INSURANCE BUSINESS AND ALSO MADE PAYMENT TO SUCH ENTITIES IN THE NAME OF REIMBURSEMENT OF MARKETING EXPENSES
USED SERVICES OF VARIOUS OUTSOURCED VENDORS TO PROCURE BUSINESS BY LOGGING IN THE NAME OF EMPLOYEES OF THE INSURER
DID NOT CAPTURE DATE OF INTIMATION OF CLAIMS IN THE SYSTEM
LACK OF PROPER INTERNAL CONTROLS AND PROCEDURES WHILE SETTLING THE CLAIMS AT INSURER’S END
DELAY IN SETTLING CLAIMS IN MAJORITY OF CASES
|
IMPOSED PENALTY RS.20,00,000
26-APR-2016
|
|
| 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 5 of 10
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