| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 101 |
|
SHRIRAM LIFE INSURANCE CO.LTD.
|
|
|
DID NOT TAKE PRIOR APPROVAL FROM IRDA FOR CHANGE IN SHAREHOLDING PATTERN
|
IMPOSED PENALTY RS.5,00,000
11-JUL-2014
|
|
| 102 |
|
|
SMC INSURANCE BROKERS PVT.LTD.
|
|
|
CREATED A PANEL OF INSURERS TO FORCE MOTOR CUSTOMERS TO BUY MOTOR INSURANCE POLICIES OF THE INSURERS WHO WERE ON THEIR PANEL
DID NOT FOLLOW RECOGNISED STANDARDS OF PROFESSIONAL CONDUCT AND DISCHARGE THEIR FUNCTIONS OF THE CLIENTS OR POLICYHOLDERS
DISCRIMINATED BETWEEN INSURANCE POLICYHOLDER WHO BOUGHT MOTOR INSURANCE FROM THAT MOTOR DEALER AS AGAINST WHO HAS NOT BOUGHT THEM
|
IMPOSED PENALTY RS.3,00,00,000
08-JAN-2020
|
|
| 103 |
|
|
SMS INSURANCE SERVICES PVT.LTD.
|
|
|
DID NOT APPLY FOR RENEWAL OF REGISTRATION
|
CEASED TO ACT AS INSURANCE BROKER
11-JAN-2008
|
OPTED NOT TO RENEW THE LICENSE HENCE DIRECT BROKER LICENSE CANCELLED W.E.F.07-08-2008
|
| 104 |
|
|
SNK INSURANCE BROKERS PVT.LTD.
|
|
|
SURRENDERED DIRECT INSURANCE BROKING LICENSE
|
CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE BROKER
31-MAR-2011
|
|
| 105 |
|
|
SPT INSURANCE PARK BROKING SERVICE PVT.LTD.
|
|
|
SURRENDERED DIRECT INSURANCE BROKING LICENSE
|
CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE BROKER
17-APR-2007
|
|
| 106 |
|
|
STERLING GENERAL INSURANCE BROKERS
|
|
|
SURRENDERED DIRECT INSURANCE BROKING LICENSE
|
WITHDRAWN DIRECT INSURANCE BROKING LICENSE
24-MAR-2006
|
|
| 107 |
|
|
SUSHIL INSURANCE BROKERS PVT.LTD.
|
|
|
DID NOT USE ANY SOFTWARE FOR OPERATIONS AS PRESENTED TO IRDA AT TIME OF APPLICATION FOR GRANT OF LICENSE
ENGAGED SERVICES OF EMPLOYEES OTHER THAN QUALIFIED PERSONS IN SOLICIATION OF INSURANCE BUSINESS
DELAY IN PAYMENT OF ANNUAL FEES
DID NOT OBTAIN WRITTEN MANDATE FROM CLIENT AND DEVELOPED TERMS ON THE BASIS OF INFORMATION PROVIDED BY THE CLIENT
DID NOT RE-FILE ADVERTISEMENTS AND CONTINUED TO USE SAID ADVERTISEMENTS
MAINTAINED BOOKS OF ACCOUNTS ON COMMON ACCOUNTING SOFTWARE PLATFORM USED BY SUSHIL FINANCE LTD.
DID NOT ADHERE TO REQUIREMENTS OF RECRUITMENT OF QUALIFIED EMPLOYEES
|
IMPOSED PENALTY RS.5,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
16-FEB-2015
|
|
| 108 |
|
|
TATA AIA LIFE INSURANCE CO.LTD.
|
|
|
PAID APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION/REMUNERATION TO CORPOARTE AGENTS
|
IMPOSED PENALTY RS.50,000
11-DEC-2013
|
|
| 109 |
|
|
TATA AIA LIFE INSURANCE CO.LTD.
|
|
|
DID NOT MAKE DISCLOSURE OF COMPLETE INFORMATION ON STATUS OF REFERRAL ARRANGEMENT
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
DIRECTED TO PUT IN PLACE EFFECTIVE PROCEDURE FOR COMPLYING WITH IRDA (SHARING OF DATA BASE FOR DISTRIBUTION OF INSURANCE PRODUCTS) REGULATIONS, 2010
18-DEC-2013
|
|
| 110 |
|
|
TOYOTA TSUSHO INSURANCE BROKER (INDIA) PVT.LTD.
|
|
|
CREATED A PANEL OF INSURERS TO FORCE MOTOR CUSTOMERS TO BUY MOTOR INSURANCE POLICIES OF THE INSURERS WHO WERE ON THEIR PANEL
DID NOT FOLLOW RECOGNISED STANDARDS OF PROFESSIONAL CONDUCT AND DISCHARGE THEIR FUNCTIONS OF THE CLIENTS OR POLICYHOLDERS
DISCRIMINATED BETWEEN INSURANCE POLICYHOLDER WHO BOUGHT MOTOR INSURANCE FROM THAT MOTOR DEALER AS AGAINST WHO HAS NOT BOUGHT THEM
|
IMPOSED PENALTY RS.3,00,00,000
08-JAN-2020
|
|
| 111 |
|
|
UNISON INSURANCE BROKING SERVICES PVT.LTD.
|
|
|
INDULGED IN ISSUANCE OF FRAUDULENT REINSURANCE SLIPS OF CROP REINSURANCE RISK COVER TO TATA-AIG GENERAL INSURANCE COMPANY
|
IMPOSED PENALTY RS.1,00,00,000
08-JAN-2020
|
|
| 112 |
|
|
UNITED INDIA INSURANCE CO.LTD.
|
|
|
MISLED IRDA BY STATING THAT POLICY WORDING WERE AS PER FILED PRODUCT IN YEAR 2006
MISLED IRDA BY STATING THAT REASONS FOR CANCELLATION WERE NON DISCLOSURE OF CORRECT INFORMATION OF CLAIM EXPERIENCE AT THE TIME OF INSURANCE
MISLED IRDA BY STATING THAT POLICY WAS CANCELLED AS PER CANCELLATION CLAUSE INSPITE OF THE FACT THAT CLAUSE WAS REVISED WITHOUT FILING AND TAKING APPROVAL OF IRDA
DELAY IN SENDING DISCHARGE VOUCHER TO INSURED
|
IMPOSED PENALTY RS.5,00,000
28-JUL-2014
|
|
| 113 |
|
|
VICTORY INSURANCE BROKERS PVT.LTD.
|
|
|
SURRENDERED DIRECT INSURANCE BROKING LICENSE
|
CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE BROKER
14-MAY-2010
|
|
| 114 |
|
|
VISION INSURANCE RISK ANALYSIS MANAGEMENT & BROKERS PVT. LTD.
|
|
|
DID NOT FURNISH COPY OF PROFESSIONAL INDEMNITY INSURANCE COVER TO IRDA
|
SUSPENDED LICENSE AS INSURANCE BROKER
13-JUL-2005
|
REVOCATION OF SUSPENSION ORDER
|
| 115 |
|
|
VISISTA INSURANCE BROKING SERVICES PVT.LTD.
|
|
|
DID NOT INTEMATE IRDA ABOUT OPENING OF NEW OFFICE VIOLATING REGULATION 38(4)(I) OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
|
IMPOSED PENALTY RS.1,00,000
25-MAY-2021
|
|
| 116 |
|
|
WILLIS INDIA INSURANCE BROKERS PVT.LTD.
|
|
|
DID NOT DISCLOSE MATERIAL FACTS RELATING TO INDIAN MAJOR PROMOTER
PRINCIPAL OFFICER INVOLVED IN SETTLEMENT OF DISPUTE WITH ECGC BY REPRESENTING BACSPL
|
REJECTED APPLICATION FOR RENEWAL OF COMPOSITE BROKING LICENSE
01-SEP-2010
|
APPLICATION FOR RENEWAL OF APPLICATION FOR COMPOSITE BROKER LICENSE AGAIN REJECTED VIDE ORDER DATED 04/04/2011
APPLICATION FOR RENEWAL OF APPLICATION FOR COMPOSITE BROKER LICENSE AGAIN REJECTED VIDE ORDER DATED 26/11/2010
|
| 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 6 of 6
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