| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 81 |
|
PROTECT INSURANCE SERVICES (INDIA) PVT.LTD.
|
|
|
SURRENDERED DIRECT INSURANCE BROKING LICENSE
|
CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE BROKER
05-MAR-2009
|
|
| 82 |
|
|
PROWESS INSURANCE BROKERS PVT.LTD.
|
|
|
ENGAGED IN BUSINESS TRANSACTIONS AFTER EXPIRY OF ITS REGISTRATION
|
IMPOSED PENALTY RS.37,00,000
12-JUL-2024
|
|
| 83 |
|
|
QUASAR INSURANCE BROKERS PVT.LTD.
|
|
|
DISCREPANCIES IN APPLICATION FILED FOR RENEWAL OF LICENCE AS DIRECT INSURANCE BROKER
|
REJECTED APPLICATION FILED FOR RENEWAL OF LICENSE AS INSURANCE BROKER
16-APR-2013
|
|
| 84 |
|
|
RDB INSURANCE BROKING SERVICES PVT.LTD.
|
|
|
PAID APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION/REMUNERATION TO CORPOARTE AGENTS
|
IMPOSED PENALTY RS.25,000
11-DEC-2013
|
|
| 85 |
|
|
REGAL INSURANCE BROKERS & RISK MANAGEMENT SERVICES PVT.LTD.
|
|
|
ENTERED INTO AGREEMENT WITH VISHDEVA LEASING & INVESTMENTS PVT.LTD. TO PROVIDE CERTAIN SERVICES TO ITS CLIENTS ON ITS BEHALF VIOLATING CLAUSE 3(B) OF SCHEDULE VIA OF REGULATION 28 OF IRDA (BROKERS) REGULATIONS, 2013
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
07-AUG-2017
|
|
| 86 |
|
|
RELIABLE INSURANCE BROKERS PVT.LTD.
|
|
|
PROCURED BUSINESS THROUGH OUTSIDE INDIVIDUAL/ENTITIES AND REFERRED AS “BUSINESS PROCURING AGENTS”
ADVANCED PREMIUM ON BEHALF OF POLICYHOLDERS
DID NOT ADHERE TO INTERNAL CONTROLS AND SYSTEMS
ARRANGED FOR REINSURANCE PLACEMENT OF AIRCRAFT WITHOUT ANY LICENCE TO DO SO
|
REJECTED APPLICATION FILED FOR RENEWAL OF LICENSE AS INSURANCE BROKER
22-DEC-2010
|
|
| 87 |
|
|
RELIANCE LIFE INSURANCE CO.LTD.
|
|
|
INVESTMENT MADE IN EXCESS OF 3% OF FUND SIZE IN FIXED DEPOSITS WERE CATEGORIZED AS APPROVED INVESTMENTS INSTEAD OF OTHER INVESTMENTS
INVESTMENT POLICY EXCLUDED "CAPITAL SECURED FUND” AND “MONEY MARKET FUND” FROM EXPOSURE LIMIT OF 25% OF FUND IN BANKING & FINANCIAL SECTOR
INVESTMENT POLICY ALLOWED HIGHER LIMIT OF 15% OF INDIVIDUAL FUND SIZE FOR EQUITY AS WELL AS DEBT EXPOSURE CONTRARY TO LIMITS PRESCRIBED UNDER IRDA INVESTMENTS REGULATIONS, 2000
DID NOT MAKE PROVISION FOR LIABILITY (I.E.CONSIDERATION FOR USE OF BRANDS)
DID NOT MAKE PROPER DISCLOSURE OF PREMIUM RECEIVED IN ADVANCE
DID NOT SUBMIT CONFIRMATION TOWARDS OUTSTANDING LOANS
DID NOT MAKE DISCLOSURE RELATED TO FULL SURRENDER FEE
DID NOT MAKE DISCLOSURE OF RELATED PARTY TRANSACTIONS
DID NOT MAKE PROVISIONS FOR PREMIUM WAIVER BENEFITS
DID NOT MAKE NOTES OR CLAIMS REPORTING PATTERN FOR IBNR (INCURRED BUT NOT REPORTED)
PAID EXCESS REFERRAL FEES THAN ENVISAGED IN REFERRAL DIRECTIVES/INSTRUCTIONS/GUIDELINES
DEFAULT IN MAKING DISCLOSURE OF OCCUPATIONS
DEATH CLAIMS SETTLED IN FAVOUR OF MASTER POLICY HOLDERS AS AGAINST TO BENEFICIARIES/INSURED
DELAY IN PROCESSING OF REQUESTS FOR PARTIAL WITHDRAWALS UNDER ULIPS
REIMBURSED GROUP MASTER POLICY HOLDER TOWARDS MARKETING & ADVERTISING EXPENSES
PAID SIGNIFICANT AMOUNT TO VARIOUS ENTITIES TOWARDS MARKETING ACTIVITIES
PERMITTED VARIOUS UNLICENSED INDIVIDUALS AND CORPORATES TO SOLICIT AND PROCURE BUSINESS
BUSINESS SOURCED THROUGH UNLICENSED ENTITIES BUT BOOKED UNDER BROKER CODE
SOURCED BUSINESS THROUGH MULTI LEVEL MARKETING THROUGH PERSONS WHO DID NOT POSSESS ANY CERTIFICATE/LICENSE
SIGNATURE OF IRDA LICENSED ADVISOR SPECIFIED PERSON EITHER FORGED OR NOT AVAILABLE VIOLATING IRDA CIRCULAR NO.IRDA/CIR/010/2013 DATED 27/03/2013
|
IMPOSED PENALTY RS.1,77,00,000
11-APR-2014
|
|
| 88 |
|
|
RELIANCE NIPPON LIFE INSURANCE CO.LTD.
|
|
|
DID NOT FURNISH CERTIFICATE FROM APPOINTED ACTUARY NOR DEMONSTRATED THAT THE INTEREST OF POLICYHOLDERS WAS NOT AFFECTED DUE TO EXCESS OF EXPENSES OVER PRESCRIBED LIMITS VIOLATING SECTION 64K(2) OF THE INSURANCE ACT,1938
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
16-JUL-2019
|
|
| 89 |
|
|
RELIGARE INSURANCE BROKING LTD.
|
|
|
SURRENDERED COMPOSITE BROKER BROKING LICENSE
|
CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE BROKER
30-JUL-2012
|
|
| 90 |
|
|
S.B.INSURANCE BROKERS PVT.LTD.
|
|
|
DID NOT SHARE DOCUMENTS WITH INSPECTION TEAM VIOLATING CLAUSE 1(F) OF REGULATION 41 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
DID NOT SUBMIT DOCUMENTS WITH INSPECTION TEAM VIOLATING CLAUSE 1(I) OF REGULATION 41 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
MADE SPURIOUS CALLS VIOLATING CLAUSE 1 OF SCHEDULE VIA READ WITH REGULATION 28 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
ENGAGED INTO CALLS WITHOUT DISCLOSING IDENTITY VIOLATING CLAUSES 2(C) AND 2(J) OF SCHEDULE VIA READ WITH REGULATION 28 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
|
CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE BROKER
18-JUN-2019
|
|
| 91 |
|
|
SAFERISK INSURANCE BROKERS PVT.LTD.
|
|
|
INVOLVED UNLICENSED ENTITIES/PERSONS IN SOLICITATION OF BUSINESS
|
IMPOSED PENALTY RS.3,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
31-AUG-2021
|
|
| 92 |
|
|
SAFEWAY INSURANCE BROKERS PVT.LTD.
|
|
|
DID NOT FURNISH REQUIRED INFORMATION/DOCUMENTS TO IRDA
DELAY IN SUBMISSION OF QUARTERLY AND HALF YEARLY RETURNS
DID NOT HAVE PROPER LEASE AGREEMENT FOR ITS FUNCTIONING VIOLATING CLAUSE 2(II) OF REGULATION 8 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
UTILIZED SERVICES OF EMPLOYEES FOR SOLICITATION FROM ITS OFFICES AND BRANCHES, WHO HAVE NOT COMPLETED THEIR RENEWAL TRAINING VIOLATING CLAUSE 2(III) AND 2(XIV) OF REGULATION 8 READ WITH PROVISIONS OF SCHEDULE II UNDER REGULATION 8 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
DID NOT UTILIZE SERVICES OF AGENTS AND CANVASSERS VIOLATING CLAUSE 3(B) OF SCHEDULE VI-A UNDER REGULATION 28 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
PROFESSIONAL INDEMNITY POLICY WAS NOT IN LINE WITH THE REGULATORY REQUIREMENTS VIOLATING CLAUSE 2(A) OF SCHEDULE III READ WITH REGULATION 13 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
DID NOT SUBMIT CERTIFICATE FROM STATUTORY AUDITORS VIOLATING CLAUSE 6 OF REGULATION 29 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
|
IMPOSED PENALTY RS.11,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
04-OCT-2021
|
|
| 93 |
|
|
SAHARA INDIA LIFE INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO OBLIGATIONS TOWARDS SOCIAL SECTORS IN 2012-13 AND 2014-15
|
IMPOSED PENALTY RS.5,00,000
23-JUL-2014
|
IRDA VIDE ITS PUBLIC NOTICE DATED 23/06/2017 DIRECTED SAHARA TO NOT TO PROCURE / COLLECT PROPOSAL DEPOSITS / UNDERWRITE NEW BUSINESS WITH IMMEDIATE EFFECT, I.E., CLOSE OF BUSINESS ON 23/06/2017. DIRECTED SAHARA INDIA LIFE INSURANCE CO.LTD. TO INFORM ALL CONCERNED AGENTS / INTERMEDIARIES OF THE ABOVE DIRECTION AND ENSURE THAT THEY DO NOT PROCURE / COLLECT PROPOSAL DEPOSITS TOWARDS NEW INSURANCE BUSINESS IMMEDIATELY ON RECEIPT OF THIS ORDER. FURTHER, DIRECTED TO CONTINUE TO COLLECT AND ACCOUNT FOR THE RENEWAL PREMIUM AND SERVICE THE EXISTING BUSINESS AND POLICYHOLDERS, UNHINDERED
IRDA VIDE ITS NOTICE DATED 12/06/2017 APPOINTED MR.R.K.SHARMA, GM (F&A-NL), IRDAI AS ADMINISTRATOR FOR MANAGING THE AFFAIRS OF SAHARA INDIA LIFE INSURANCE CO.LTD., WITH IMMEDIATE EFFECT
|
| 94 |
|
|
SAHARA INDIA LIFE INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO OBLIGATIONS TOWARDS SOCIAL SECTORS IN 2013-14
|
IMPOSED PENALTY RS.25,00,000
03-NOV-2014
|
IRDA VIDE ITS PUBLIC NOTICE DATED 23/06/2017 DIRECTED SAHARA TO NOT TO PROCURE / COLLECT PROPOSAL DEPOSITS / UNDERWRITE NEW BUSINESS WITH IMMEDIATE EFFECT, I.E., CLOSE OF BUSINESS ON 23/06/2017. DIRECTED SAHARA INDIA LIFE INSURANCE CO.LTD. TO INFORM ALL CONCERNED AGENTS / INTERMEDIARIES OF THE ABOVE DIRECTION AND ENSURE THAT THEY DO NOT PROCURE / COLLECT PROPOSAL DEPOSITS TOWARDS NEW INSURANCE BUSINESS IMMEDIATELY ON RECEIPT OF THIS ORDER. FURTHER, DIRECTED TO CONTINUE TO COLLECT AND ACCOUNT FOR THE RENEWAL PREMIUM AND SERVICE THE EXISTING BUSINESS AND POLICYHOLDERS, UNHINDERED
IRDA VIDE ITS NOTICE DATED 12/06/2017 APPOINTED MR.R.K.SHARMA, GM (F&A-NL), IRDAI AS ADMINISTRATOR FOR MANAGING THE AFFAIRS OF SAHARA INDIA LIFE INSURANCE CO.LTD., WITH IMMEDIATE EFFECT
|
| 95 |
|
|
SAHARA INDIA LIFE INSURANCE CO.LTD.
|
|
|
TRANSFERRED FUNDS TO GROUP ENTITY SAHARA INDIA IN THE NAME OF SECURITY DEPOSIT
DID NOT RESPOND TO IRDAI QUERIES RAISED ON ITS FINANCIAL STATEMENTS
DID NOT VEST SUFFICIENT POWERS WITH WHOLE TIME DIRECTOR (WTD) AND CEO COMMENSURATE WITH THEIR ROLES AND RESPONSIBILITIES
OPERATED WITHOUT BOARD APPROVED BUSINESS PLAN
DID NOT PROVIDE RECONCILIATION OF BANK ACCOUNTS
LONG PENDING PROPOSAL DEPOSITS FOR REFUND
DID NOT HAVE INTERNAL CONTROLS IN PLACE
|
DIRECTED TO TAKE IMMEDIATE STEPS TO RECOVER ADVANCE OF RS.78.15 CRORE FROM SAHARA INDIA
DIRECTED TO TRANSFER SHAREHOLDING TO OTHER FIT AND PROPER PROMOTERS
DIRECTED TO SUBMIT PROPER BOARD APPROVED BUSINESS PLAN TO IRDAI
DIRECTED TO RECONCILE ALL REMAINING UNRECONCILED BANK ACCOUNTS WITHIN TWO MONTHS
DIRECTED TO STRENGTHEN INTERNAL CONTROL SYSTEMS AND CONDUCT BUSINESS IN ACCORDANCE WITH CORPORATE GOVERNANCE
30-DEC-2020
|
|
| 96 |
|
|
SALASAR SERVICES INSURANCE BROKERS PVT.LTD.
|
|
|
GAVE WRONG AND MISLEADING ADVICE TO LODGE CLAIMS VIOLATING CLAUSE 2 OF CODE OF CONDUCT IN SCHEDULE 1 – FORM H OF IRDA (INSURANCE BROKERS) REGULATIONS, 2018
GAVE WRONG AND MISLEADING ADVICE TO CLIENTS/POLICY HOLDERS VIOLATING CLAUSE 1 OF CODE OF CONDUCT IN SCHEDULE 1 – FORM H OF IRDA (INSURANCE BROKERS) REGULATIONS, 2018
MADE MISLEADING AND EXTRAVAGANT STATEMENTS VIOLATING CLAUSE 10 OF CODE OF CONDUCT IN SCHEDULE 1 – FORM H OF IRDA (INSURANCE BROKERS) REGULATIONS, 2018
|
IMPOSED PENALTY RS.8,00,000
16-JUN-2021
|
|
| 97 |
|
|
SAMRIDDHI INSURANCE ADVISORY SERVICES & BROKING PVT.LTD.
|
|
|
DISCREPANCIES IN APPLICATION FILED FOR RENEWAL OF LICENCE AS DIRECT INSURANCE BROKER
|
REJECTED APPLICATION FILED FOR RENEWAL OF LICENSE AS INSURANCE BROKER
16-APR-2013
|
|
| 98 |
|
|
SAPTHAGIRI INSURANCE AGENCY SERVICES PVT.LTD.
|
|
|
SURRENDERED DIRECT INSURANCE BROKING LICENSE
|
CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE BROKER
11-DEC-2006
|
|
| 99 |
|
|
SBI LIFE INSURANCE CO.LTD.
|
|
|
VIOLATED DIRECTIVES/INSTRUCTIONS/GUIDELINES OF IRDA ON ADVERTISEMENTS
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
17-DEC-2013
|
|
| 100 |
|
|
SHRIRAM GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT TAKE PRIOR APPROVAL FROM IRDA FOR CHANGE IN SHAREHOLDING PATTERN
|
IMPOSED PENALTY RS.5,00,000
11-JUL-2014
|
|
| 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 6
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