| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 101 |
|
LIBERTY GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT MAINTAIN SIGNED COPY OF MINUTES OF OUTSOURCING COMMITTEE AND DID NOT PROVIDE DOCUMENTS REGARDING ANNUAL PERFORMANCE EVALUATION AND PERIODICITY OF INSPECTION OF OUTSOURCING SERVICE PROVIDERS
DID NOT PROVIDE NECESSARY DETAILS REGARDING SUBSTANTIAL AMOUNT PAID TO MAHINDRA INSURANCE BROKERS LTD.
DID NOT ENSURE STRICT ADHERENCE TO DEFINITIONS AND CLASSIFICATIONS AS PRESCRIBED UNDER IRDAI REGULATIONS WITHOUT ANY EXCEPTION
PAID REWARDS TO CORPORATE AGENTS IN THE NAME OF OUTSOURCING INSTEAD OF COMMISSION/REMUNERATION AND REWARDS ACCOUNT
|
IMPOSED PENALTY RS.1,00,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
28-OCT-2025
|
|
| 102 |
|
|
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
|
|
| 103 |
|
|
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
|
|
| 104 |
|
|
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
|
|
| 105 |
|
|
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
|
|
| 106 |
|
|
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
|
|
| 107 |
|
|
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
|
|
| 108 |
|
|
MAGMA HDI GENERAL INSURANCE CO.LTD.
|
|
|
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
|
IMPOSED PENALTY RS.5,00,000
05-APR-2017
|
|
| 109 |
|
|
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
|
|
| 110 |
|
|
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
|
|
| 111 |
|
|
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
|
|
| 112 |
|
|
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
|
| 113 |
|
|
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
|
|
| 114 |
|
|
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
|
|
| 115 |
|
|
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
|
|
| 116 |
|
|
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
|
|
| 117 |
|
|
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
|
|
| 118 |
|
|
METLIFE-INDIA INSURANCE CO.LTD.
|
|
|
PAID AMOUNT TO REFERRAL PARTNER
|
DIRECTED TO REFRAIN FROM MAKING PAYMENTS TO REFERRAL PARTNER
04-JUL-2007
|
|
| 119 |
|
|
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
|
|
| 120 |
|
|
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
|
|
| 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 11
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