| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 101 |
|
MAX BUPA HEALTH INSURANCE CO.LTD.
|
|
|
ISSUED UNFAIR AND MISLEADING ADVERTISEMENT VIOLATING REGULATIONS 2 (D) (III), REGULATION 3 AND 12 OF IRDA ADVERTISEMENT REGULATIONS, 2000
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
30-OCT-2017
|
|
| 102 |
|
|
MAX LIFE INSURANCE CO.LTD.
|
|
|
PAID APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION/REMUNERATION TO CORPOARTE AGENTS
|
IMPOSED PENALTY RS.10,00,000
ADVISED STRICTLY ADHERE TO PROVISIONS OF INSURANCE ACT, 1938
16-JUL-2013
|
|
| 103 |
|
|
MAX LIFE INSURANCE CO.LTD.
|
|
|
COLLECTION OF RENEWAL PREMIUM OUTSOURCED EVEN THOUGH SERVICE PROVIDER DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF OUTSOURCING DIRECTIVES/INSTRUCTIONS/GUIDELINES
FIXED SERVICE FEE FOR CERTAIN ACTIVITIES IRRESPECTIVE OF THE PREMIUM SIZE, WITHOUT ADOPTING RISK MANAGEMENT PRINCIPLES VIOLATING OF CLAUSE 9.6 (II) OF OUTSOURCING DIRECTIVES/INSTRUCTIONS/GUIDELINES
|
IMPOSED PENALTY RS.55,00,000
18-DEC-2014
|
IRDA VIDE ITS ORDER DATED 02/12/2015 ADVISED INSURER TO ENSURE SCRUPULOUS COMPLIANCE TO THE PROVISIONS OF THE OUTSOURCING GUIDELINES
|
| 104 |
|
|
MAX LIFE INSURANCE CO.LTD.
|
|
|
ADJUSTED BALANCE PREMIUM WITHOUT CONSENT OF POLICY HOLDER VIOLATING OF INSURANCE ACT, 1938
REMUNERATED IN THE NAME OF "CONTESTS", THE PAYOUT OF WHICH WAS ABOVE PRESCRIBED BROKERAGE
|
IMPOSED PENALTY RS.10,00,000
28-JUN-2016
|
|
| 105 |
|
|
MAX LIFE INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO REPORTING REQUIREMENTS VIOLATING CLAUSE 11.2 OF OUTSOURCING DIRECTIVES/INSTRUCTIONS/GUIDELINES
EMPLOYED INDIVIDUALS AS TRAINERS WHO WERE NEITHER EMPLOYEES OF MAX SKILL FIRST NOR IN THE LIST OF RETAINERS VIOLATING CLAUSE OF 9.15 OF OUTSOURCING DIRECTIVES/INSTRUCTIONS/GUIDELINES
|
IMPOSED PENALTY RS.3,00,000
27-APR-2021
|
|
| 106 |
|
|
MAX NEW YORK LIFE INSURANCE CO.LTD.
|
|
|
ISSUED ADVERTISEMENT WHEREIN AN OFFER OF 2% REBATE WAS MADE IN VIOLATION OF SECTION 41 OF THE INSURANCE ACT, 1938
GRANTED LOANS ON THREE UNIT LINKED POLICIES
|
IMPOSED PENALTY RS.5,00,000
13-MAY-2008
|
|
| 107 |
|
|
MAX NEW YORK LIFE INSURANCE CO.LTD.
|
|
|
FAILED TO PAY PENAL INTEREST FOR CLAIMS SETTLED BEYOND SIX MONTHS AND REPUDIATION/INVESTIGATION OF CLAIMS BEYOND SIX MONTHS
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
24-JAN-2011
|
|
| 108 |
|
|
MAX NEW YORK LIFE INSURANCE CO.LTD.
|
|
|
GRANTED LICENSE TO CORPORATE AGENT ABIRA INSURANCE SERVICES LTD. WHICH BELONGED TO ANOTHER CORPORATE AGENT OF THE SAME GROUP
|
IMPOSED PENALTY RS.5,00,000
22-MAR-2012
|
|
| 109 |
|
|
METLIFE-INDIA INSURANCE CO.LTD.
|
|
|
PAID AMOUNT TO REFERRAL PARTNER
|
DIRECTED TO REFRAIN FROM MAKING PAYMENTS TO REFERRAL PARTNER
04-JUL-2007
|
|
| 110 |
|
|
METLIFE-INDIA INSURANCE CO.LTD.
|
|
|
DEFAULTED IN COMMUNICATION OF UNDERWRITING DECISION IN WRITING AND REFUND OF PROPOSAL DEPOSITS IN PRESCRIBED TIME
|
IMPOSED PENALTY RS.2,00,000
05-JAN-2012
|
|
| 111 |
|
|
METLIFE-INDIA INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
DEFAULTED IN REFERRAL AGREEMENTS
DID NOT ADHERE TO OBLIGATIONS TOWARDS RURAL SECTOR IN 2008-09
DID NOT HOST INVESTMENT AND ACCOUNTING SERVERS IN INDIA
DID NOT SEND FUND STATEMENTS TO ULIP POLICYHOLDERS
DID NOT PUT IN PLACE MECHANISM REQUIRED FOR APPROPRIATE VALUATION OF ASSETS AND ARRIVING AT “AVAILABLE SOLVENCY MARGIN”
ENGAGED SERVICES OF INDIVIDUALS AND CORPORATES ON ”EXCLUSIVE BASIS” AS CONSULTANTS TO IDENTIFY,RECRUIT,TRAIN,MENTOR AND DEVELOP FINANCIAL ADVISORS
SETTLED DEATH BENEFITS TO GROUP MASTER POLICYHOLDER IN NON-EMPLOYER-EMPLOYEES CASES IN GROUP TERM INSURANCE POLICIES
|
IMPOSED PENALTY RS.76,00,000
05-OCT-2012
|
|
| 112 |
|
|
NATIONAL INSURANCE CO.LTD.,THE
|
|
|
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.
|
IMPOSED PENALTY RS.2,00,000
25-JAN-2008
|
|
| 113 |
|
|
NATIONAL INSURANCE CO.LTD.,THE
|
|
|
ACTED AS FRONT RUNNER FOR FOREIGN INSURER AT THE TIME OF ISSUANCE OF INSURANCE POLICIES TO ONGC
|
IMPOSED PENALTY RS.5,00,000
26-JUL-2010
|
|
| 114 |
|
|
NATIONAL INSURANCE CO.LTD.,THE
|
|
|
DID NOT ADHERE TO FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
DID NOT EXERCISE DUE SKILL, CARE AND DILIGENCE WHILE SUBMITTING PRICE-BID FOR ISSUANCE OF INSURANCE POLICIES TO DELHI AND MUMBAI INTERNATIONAL AIRPORTS
|
IMPOSED PENALTY RS.5,00,000
26-JUL-2010
|
|
| 115 |
|
|
NATIONAL INSURANCE CO.LTD.,THE
|
|
|
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
|
|
| 116 |
|
|
NATIONAL INSURANCE CO.LTD.,THE
|
|
|
DID NOT EXERCISE DUE SKILL, CARE & DILIGENCE WHILE ISSUING SHOPKEEPER POLICY AND DELAY IN INFORMATION OF REJECTION OF CLAIM TO POLICY HOLDER
|
IMPOSED PENALTY RS.5,00,000
05-DEC-2011
|
|
| 117 |
|
|
NATIONAL INSURANCE CO.LTD.,THE
|
|
|
DID NOT ADHERE TO CIRCULAR ISSUED BY IRDA
|
IMPOSED PENALTY RS.5,00,000
08-AUG-2012
|
|
| 118 |
|
|
NATIONAL INSURANCE CO.LTD.,THE
|
|
|
DID NOT ADHERE TO IRDA REGULATIONS/DIRECTIVES/INSTRUCTIONS/GUIDELINES/CIRCULARS IN RESPECT OF ISSUANCE OF "BOI NATIONAL SWASTHYA BIMA POLICY"
DID NOT FURNISH REQUIRED INFORMATION/DOCUMENTS TO IRDA WITHIN STIPULATED TIME
|
IMPOSED PENALTY RS.5,00,000
27-APR-2015
|
|
| 119 |
|
|
NATIONAL INSURANCE CO.LTD.,THE
|
|
|
MADE ADDITIONAL PAYOUTS TOWARDS OTHER SERVICES OVER AND ABOVE COMMISSION
ENTERED INTO AGREEMENTS TO PROVIDE INSURER SERVICES WHICH WERE REQUIRED TO BE EITHER PERFORMED BY A LICENSED INTERMEDIARY OR BY THE INSURER AND NOT PERMITTED TO BE OUTSOURCED
ALLOWED DISCOUNTS/DISCRETIONARY DISCOUNTS OVER AND ABOVE APPROVED STRUCTURE
|
IMPOSED PENALTY RS.15,00,000
06-MAY-2016
|
|
| 120 |
|
|
NEW INDIA ASSURANCE CO.LTD.,THE
|
|
|
DID NOT ADHERE TO OBLIGATIONS TOWARDS SOCIAL SECTOR IN 2006-07
|
IMPOSED PENALTY RS.5,00,000
DIRECTED TO MEET UNFULFILLED PART OF RURAL AND/OR SOCIAL SECTORS
10-SEP-2007
|
|
| 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 10
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