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SOURCE OF INFORMATION : INSURANCE REGULATORY & DEVELOPMENT AUTHORITY OF INDIA WEBSITE
PERIOD COVERED : 16-AUG-2002 TO 21-NOV-2024

NAMES IN BROWN COLOUR
Names of entities/persons in brown colour denote that the regulatory order is not against them but their names have been mentioned only for association purposes.

ALL INSURANCE COMPANY

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
121
History of entity/person 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
 
122
History of entity/person 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
 
123
History of entity/person 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
 
124
History of entity/person NEW INDIA ASSURANCE 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
 
125
History of entity/person NEW INDIA ASSURANCE CO.LTD.,THE  
  DID NOT SUBMIT QUARTERLY FINANCIAL AND SOLVENCY MARGIN STATEMENTS   IMPOSED PENALTY RS.5,00,000

DIRECTED TO SUBMIT QUARTERLY FINANCIAL AND SOLVENCY MARGIN STATEMENTS

19-MAR-2009
 
126
History of entity/person NEW INDIA ASSURANCE CO.LTD.,THE  
  DID NOT ADHERE TO OBLIGATIONS TOWARDS SOCIAL SECTOR IN 2007-08   IMPOSED PENALTY RS.5,00,000

DIRECTED TO MEET UNFULFILLED PART OF RURAL AND/OR SOCIAL SECTORS

20-MAR-2009
 
127
History of entity/person NEW INDIA ASSURANCE CO.LTD.,THE  
  EXCEEDED PERMISSIBLE LIMITS ON EXPENSES OF MANAGEMENT UNDER SECTION 40C OF INSURANCE ACT,1938   ADVISED TO BRING EXPENDITURE LEVELS WITHIN THE PRESCRIBED LIMITS

18-NOV-2010
 
128
History of entity/person NEW INDIA ASSURANCE CO.LTD.,THE  
  DID NOT ADHERE TO OBLIGATIONS TOWARDS RURAL AND SOCIAL SECTORS IN 2009-10   IMPOSED PENALTY RS.10,00,000

DIRECTED TO MEET UNFULFILLED PART OF RURAL AND/OR SOCIAL SECTORS

07-JUN-2011
 
129
History of entity/person NEW INDIA ASSURANCE 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
 
130
History of entity/person NEW INDIA ASSURANCE CO.LTD.,THE  
  DELAYED IN REDRESSAL OF INSURED'S COMPLAINT   IMPOSED PENALTY RS.1,00,000

27-JUL-2011
 
131
History of entity/person NEW INDIA ASSURANCE CO.LTD.,THE  
  DID NOT ADHERE TO CIRCULAR ISSUED BY IRDA   IMPOSED PENALTY RS.5,00,000

08-AUG-2012
 
132
History of entity/person NEW INDIA ASSURANCE CO.LTD.,THE  
  DID NOT FILE MEDICLAIM INSURANCE PRODUCT IN THE MANNER IN WHICH IT WAS ENVISAGED TO BE FILED AND RENEWED POLICIES WITHOUT GETTING CLEARANCE FROM IRDA VIOLATING REGULATION (4) (A) OF IRDA (HEALTH INSURANCE) REGULATIONS, 2013   IMPOSED PENALTY RS.5,00,000

19-JAN-2016
 
133
History of entity/person NEW INDIA ASSURANCE CO.LTD.,THE  
  PROCURED BUSINESS AND PAID COMMISSION TO AGENTS AFTER EXPIRY OF LICENSE

ALLOWED DISCOUNTS/DISCRETIONARY DISCOUNTS OVER AND ABOVE APPROVED STRUCTURE

DELAY IN APPOINTMENT OF SURVEYORS

DID NOT FOLLOW UP WITH SURVEYORS ON TIMELY SUBMISSION OF REPORT

DELAY IN SETTLEMENT OF CLAIMS AFTER RECEIPT OF SURVEY REPORT  
IMPOSED PENALTY RS.15,00,000

11-MAR-2016
 
134
History of entity/person NEW INDIA ASSURANCE CO.LTD.,THE  
  DELAY IN MAKING PAYMENT OF CLAIMS VIOLATING REGULATION 9 OF IRDA (PROTECTION OF POLICYHOLDERS INTERESTS) REGULATIONS, 2002   IMPOSED PENALTY RS.3,00,000

13-SEP-2019
 
135
History of entity/person ORIENTAL 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

17-AUG-2010
 
136
History of entity/person ORIENTAL INSURANCE CO.LTD.,THE  
  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
 
137
History of entity/person ORIENTAL INSURANCE CO.LTD.,THE  
  DID NOT FOLLOW RATING & DISCOUNTS STRUCTURE FILED WITH IRDA

SOURCED BUSINESS THROUGH MULTI LEVEL MARKETING THROUGH PERSONS WHO DID NOT POSSESS ANY CERTIFICATE/LICENSE

PAID APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION/REMUNERATION TO CORPOARTE AGENTS

REIMBURSED CLAIM PAYMENTS TO GROUP ORGANIZER

PAID VARIOUS CLAIMS TO INSURED PERSONS DUE TO DELAY IN PAYMENT BY TPA/OIC  
IMPOSED PENALTY RS.20,00,000

08-FEB-2016
 
138
History of entity/person PNB METLIFE INDIA INSURANCE CO.LTD.  
  ALLOWED REINSTATEMENT OF POLICY AFTER DATE OF MATURITY VIOLATING TERMS & CONDITIONS OF THE POLICY AS FILED AND APPROVED UNDER FILE & USE

USED SERVICES OF MANY EXTERNAL SERVICE PROVIDERS FOR PURPOSE OF LEAD GENERATON VIOLATING REGULATION 8(1) OF IRDA (SHARING OF DATA BSE) REGULATIONS, 2010  
IMPOSED PENALTY RS.10,00,000

24-MAR-2017
 
139
History of entity/person RELIANCE GENERAL INSURANCE CO.LTD.  
  CHANGED NAME OF GENERAL INSURANCE PRODUCT,TERMS & CONDITIONS AND PRICE OF PRODUCT WITHOUT GETTING CLEARANCE FROM IRDA   IMPOSED PENALTY RS.20,00,000

23-JUL-2008
 
140
History of entity/person RELIANCE 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
 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.
 
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