| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 1 |
|
5PAISA INSURANCE BROKERS LTD.
|
|
|
MADE APPLICATION FOR CERTIFICATE OF REGISTRATION TO ACT AS DIRECT INSURANCE BROKER (LIFE & GENERAL) UNDER THE SAME GROUP VIOLATING REGULATION 37(1) OF IRDAI (INSURANCE BROKERS) REGULATION, 2018
|
REJECTED APPLICATION FILED TO GRANT CERTIFICATION OF REGISTRATION AS INSURANCE BROKER
09-NOV-2021
|
|
| 2 |
|
|
ADITYA BIRLA INSURANCE BROKERS 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
23-DEC-2019
|
|
| 3 |
|
|
AEGON RELIGARE LIFE INSURANCE CO.LTD.
|
|
|
DID NOT FURNISH COPY OF PROPOSAL FORMS OF POLICIES TO POLICYHOLDERS
DELAY IN PROCESSING OF REQUESTS FOR SURRENDER/SETTLEMENT
PROPOSAL RELATED DOCUMENTS AND CONFIDENTIAL REPORTS NOT SIGNED BY AGENTS
DID NOT REPORT IRDA ABOUT OUTSOURCING AGREEMENT AND PAYMENTS MADE
ENTERED AGREEMENT FOR VARIOUS ACTIVITIES AND FURTHER ENGAGED SERVICES OF UNLICENSED ENTITIES/PERSONS FOR SOLICITATION OF INSURANCE BUSINESS
PAID AMOUNT TO REFERRAL PARTNER
MADE PAYMENTS TO NASHIK DISTRICT CENTRAL CO-OPERATIVE BANK LTD., DURING INTERVENING PERIOD WHEN IT WAS NOT ENGAGED AS REFERRAL PARTNER
FLOATED VARIOUS CONTESTS TO INSURANCE BROKERS & EMPLOYEES OF BROKERS AND REWARED OVER & ABOVE COMMISSION/BROKERAGE
|
IMPOSED PENALTY RS.40,00,000
17-SEP-2014
|
|
| 4 |
|
|
AFRO-ASIAN INSURANCE & REINSURANCE BROKERS (INDIA) PVT.LTD.
|
|
|
DID NOT PERFORM FUNCTIONS OF REINSURANCE BROKER AS VIOLATING REGULATION 4 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
|
IMPOSED PENALTY RS.5,00,000
19-SEP-2017
|
|
| 5 |
|
|
ALLIED INSURANCE BROKERS PVT.LTD.
|
|
|
DID NOT MAINTAIN SYSTEM OF INTERNAL CONTROLS AND INTERNAL AUDIT
DID NOT RENEW PROFESSIONAL INDEMNITY INSURANCE POLICY IMMEDIATELY AFTER THE EXPIRY OF THE POLICY
DID NOT MAKE DISCLOSURE OF PROPOSED TRANSFER OF SHAREHOLDING TO IRDA
DID NOT APPOINT PRINCIPAL OFFICER
VIOLATED IRDA REGULATION 20 OF REGULATIONS, 2002 BY EXCEEDING THE LIMIT OF BUSINESS SOURCED FROM SINGLE CLIENT
|
REJECTED APPLICATION FILED FOR RENEWAL OF LICENSE AS INSURANCE BROKER
CEASED TO ACT AS INSURANCE BROKER
13-JAN-2014
|
|
| 6 |
|
|
ANAND RATHI INSURANCE BROKERS LTD.
|
|
|
PROVIDING BUSINESS SUPPORT SERVICES VIOLATING REGULATION 10(1) (IV) OF IRDA (INSURANCE BROKERS) REGULATIONS, 2002
RECEIVED CROSS SELL INCOME FROM GROUP COMPANY VIOLATING CLAUSES 2(D) AND 2(E) OF CODE OF CONDUCT UNDER REGULATION 21 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2002
TRANSFERRED FUNDS TO HOLDING COMPANY WITHOUT BASIS FOR SUCH TRANSFER IN THE BOOKS OF ACCOUNTS VIOLATING REGULATION 34(2) OF IRDA (INSURANCE BROKERS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.5,00,000
16-DEC-2014
|
|
| 7 |
|
|
ANAND RATHI INSURANCE BROKERS LTD.
|
|
|
PROVIDED CONSULTANCY FOR THE CLAIMS EXCEEDING RS.1.00 CRORE VIOLATING REGULATIONS 32(1)(A),32(1)(C) AND CLAUSE 7 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
APPOINTED CONSULTANT TO BRING IN BUSINESS VIOLATING CLAUSE 3(B) OF SCHEDULE VI-A UNDER REGULATION 28 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
DID NOT HAVE ADEQUATE INTERNAL CONTROLS VIOLATING REGULATIONS 31(1) AND 8(2) (XIV) OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
|
IMPOSED PENALTY RS.3,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
29-APR-2019
|
|
| 8 |
|
|
AON GLOBAL INSURANCE BROKERS PVT.LTD.
|
|
|
SHARED BROKERAGE WITH FOREIGN BROKERS VIOLATING PARA 3(B) OF SCHEDULE III UNDER REGULATION 21 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2002
ALLOWED CLIENTS TO REMIT PREMIUMS DIRECTLY TO OFFSHORE BROKERS VIOLATING REGULATIONS 34(1) AND 34(2) OF BROKERS REGULATIONS, 2013
|
IMPOSED PENALTY RS.1,00,000
19-SEP-2018
|
|
| 9 |
|
|
APOORVA INSURANCE BROKERS PVT.LTD.
|
|
|
DID NOT FILE ONLINE RETURNS TO IRDA AS PER CIRCULAR NO.009/IRDA/BRO/MAY 06 DATED 26/05/2006
DID NOT HAVE PROPER INFRASTRUCTURE REQUIRED FOR PROCUREMENT OF INSURANCE BUSINESS
|
REJECTED APPLICATION FILED FOR RENEWAL OF LICENSE AS INSURANCE BROKER
CEASED TO ACT AS INSURANCE BROKER
16-SEP-2014
|
|
| 10 |
|
|
ARCADIA INSURANCE BROKING SOLUTIONS PVT.LTD.
|
|
|
SURRENDERED DIRECT INSURANCE BROKING LICENSE
|
CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE BROKER
30-JUL-2012
|
|
| 11 |
|
|
ARMOUR CONSULTANTS PVT.LTD.
|
|
|
SURRENDERED DIRECT INSURANCE BROKING LICENSE
|
CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE BROKER
19-MAR-2008
|
|
| 12 |
|
|
ARTHA INSURANCE BROKING SERVICES LTD.
|
|
|
SURRENDERED DIRECT INSURANCE BROKING LICENSE
|
CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE BROKER
25-FEB-2011
|
|
| 13 |
|
|
ASHIKA INSURANCE BROKING & RISK MANAGEMENT PVT.LTD.
|
|
|
SURRENDERED DIRECT INSURANCE BROKING LICENSE
|
CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE BROKER
16-AUG-2011
|
|
| 14 |
|
|
ATHENA INSURANCE & REINSURANCE BROKERS PVT.LTD.
|
|
|
DID NOT DISCLOSE MATERIAL FACTS IN APPLICATION SUBMITTED TO OBTAIN LICENCE
DID NOT RECOVER PREMIUMS PAID ON BEHALF OF CLIENT AND WRITTEN OFF AS BAD DEBTS
DID NOT HAVE ADEQUATE INTERNAL CONTROLS AND SYSTEMS
|
REJECTED APPLICATION FOR RENEWAL OF COMPOSITE BROKING LICENSE
08-JUL-2011
|
IRDA VIDE ITS ORDER DATED 17/11/2011 ORDERED TO RENEW COMPOSITE BROKING LICENSE FOR FURTHER PERIOD OF THREE YEARS WITH EFFECT FROM 09/06/2009 ON COLLECTION OF FINE OF RS.5 LACS
|
| 15 |
|
|
ATHENA INSURANCE & REINSURANCE BROKERS PVT.LTD.
|
|
|
CARRIED ON INSURANCE BUSINESS WITHOUT OBTAINING LICENSE UNDER INSURANCE ACT AND IRDA ACT
|
REJECTED APPLICATION FOR RENEWAL OF COMPOSITE BROKING LICENSE
08-OCT-2013
|
IRDA VIDE ITS ORDER DATED 25/09/2014 AGAIN REJECTED THE REQUEST FOR RENEWAL OF LICENSE TO ACT AS A COMPOSITE BROKERS
IRDA VIDE ITS ORDER DATED 01/01/2014 REJECTED THE APPEAL FILED FOR RENEWAL OF LICENSE
|
| 16 |
|
|
ATS SHARE BROKERS PVT.LTD.
|
|
|
CARRIED ON INSURANCE BUSINESS WITHOUT OBTAINING LICENSE UNDER INSURANCE ACT AND IRDA ACT
|
IMPOSED PENALTY RS.10,00,000
24-JAN-2020
|
|
| 17 |
|
|
AVANI INSURANCE SERVICES PVT.LTD.
|
|
|
EFFECTED CHANGE IN SHAREHOLDING PATTERN WITHOUT PRIOR INTIMATION TO IRDA
|
SUSPENDED LICENSE AS INSURANCE BROKER
05-MAY-2004
|
REVOKED SUSPENSION ORDER AND APPROVED NEW NAME (PNB PRINCIPAL INSURANCE ADVISORY CO.PVT.LTD.)
|
| 18 |
|
|
AVIVA LIFE INSURANCE CO.INDIA LTD.
|
|
|
DID NOT OBTAIN CONSENT/SIGNATURE OF CUSTOMER IMPLYING HE WAS NOT INFORMED UPFRONT ABOUT HIGH MORTALITY/EXTRA MORTALITY RATE (EMR) CHARGES LEVIED BEFORE ISSUANCE OF POLICY CONTRACT VIOLATING REGULATION (3) OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.5,00,000
03-NOV-2014
|
|
| 19 |
|
|
BAJAJ ALLIANZ LIFE INSURANCE CO.LTD.
|
|
|
ISSUED MASTER POLICIES WITH ZERO MEMBERSHIP OR WITH LESS THAN PRESCRIBED MINIMUM MEMBERSHIP OF 50
ISSUED CERTIFICATE BY MASTER POLICY HOLDER WITHOUT AUTHORIZATION BY LIFE INSURER
DEDUCTED MORTALITY CHARGES AGAINST TERMS & CONDITIONS OF POLICY CONTRACT
PURCHASED UNITS ON ARBITRARY DATES WHILE SETTLING MATURITY CLAIMS
UTILISED DOUBLE WHILE SETTLING DEATH CLAIMS AND FUND SWITCHES WERE NOT CARRIED OUT CORRECTLY
MADE CLAIM PAYMENTS UNDER GROUP POLICIES PERTAINING TO NON-EMPLOYER-EMPLOYEE GROUP POLICIES IN THE NAME OF GROUP MASTER POLICY HOLDER NOT IN NAME OF BENEFICIARY/CLAIMANT
REJECTED CERTAIN EARLY DEATH CLAIMS AS “UN-CONCLUDED CONTRACTS” WHERE LIFE ASSURED DIED AFTER DATE OF COMMENCEMENT OF RISK UNDER POLICY BUT BEFORE RECEIVING POLICY DOCUMENTS
ENTERED INTO REFERRAL ARRANGEMENTS WITH CERTAIN BANKS WHO WERE NOT LICENSED BY IRDA TO ACT AS CORPORATE AGENTS OR INSURANCE INTERMEDIAREIES
INVESTED IN DEBT INSTRUMENT OF A PRIVATE LIMITED COMPANY VIOLATING SECTION 27A (5) OF INSURANCE ACT, 1938
MADE EXTRA PAYMENTS TO RELATED PARTIES OF SOME INDIVIDUAL AGENTS AND CORPORATE AGENTS
|
IMPOSED PENALTY RS.3,10,00,000
21-AUG-2013
|
|
| 20 |
|
|
BHOOMA INASURANCE BROKING SERVICES LTD.
|
|
|
DID NOT MAINTAIN , PRESERVE AND PRODUCE BOOKS OF ACCOUNTS , RECORDS , VOUCHERS ETC.
|
CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE BROKER
09-APR-2008
|
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
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