| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 1 |
|
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
|
|
| 2 |
|
|
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
|
|
| 3 |
|
|
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
|
|
| 4 |
|
|
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
|
|
| 5 |
|
|
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
|
|
| 6 |
|
|
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
|
|
| 7 |
|
|
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
|
|
| 8 |
|
|
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
|
|
| 9 |
|
|
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
|
|
| 10 |
|
|
BIRLA SUN LIFE INSURANCE CO.LTD.
|
|
|
ALLOWED MICRO INSURANCE (MI) AGENT TO SELL OTHER THAN MICRO INSURANCE PRODUCT VIOLATING REGULATION (4) OF IRDA (MICRO INSURANCE) REGULATIONS, 2005
DID NOT SETTLE MATURITY CLAIMS VIOLATING REGULATIONS 8(2) AND 8(3) OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.15,00,000
01-DEC-2014
|
|
| 11 |
|
|
CENTCART INSURANCE BROKING SERVICES PVT.LTD.
|
|
|
DID NOT FILE THE CERTIFICATES DULY CERTIFIED BY AUDITOR
DID NOT SUBMIT PERIODICAL RETURNS AS PER FORMATS/RETURNS PRESCRIBED UNDER IRDAI BUSINESS ANALYTICAL PROJECT
SUBMITTED FALSE OR WRONG CERTIFICATION OR CONCEALMENT OF FACTS IN THE CERTIFICATES TO IRDAI
|
IMPOSED PENALTY RS.3,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
10-NOV-2023
|
|
| 12 |
|
|
D2C INSURANCE BROKING PVT.LTD.
|
|
|
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
|
IMPOSED PENALTY RS.1,00,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
29-JUN-2021
|
|
| 13 |
|
|
DEALMONEY SECURITIES PVT.LTD.
|
|
|
DID NOT INTIMATE IRDAI REGARDING FRAUD BEING PERPETRATED IN THE OFFICE OF CORPORATE AGENT
DID NOT INTIMATE IRDAI REGARDING FIR FILED AGAINST ITS OWN DIRECTOR
DID NOT INTIMATE IRDAI REGARDING RESIGNATION OF ITS CHIEF EXECUTIVE OFFICER AND DIRECTOR
ENGAGED SERVICES OF SEVERAL FACILITATORS FOR INSURANCE BUSINESS
|
PROHIBITED FROM INSURANCE MARKET, APPLYING FOR REGISTRATION AS INSURANCE INTERMEDIARY AND FROM SOLICITING INSURANCE UNDER GROUP INSURANCE GUIDELINES, DIRECTLY OR INDIRECTLY IN WHATSOEVER MANNER FROM 22-FEB-2024 TO 21-FEB-2027
DIRECTED TO IDENTIFY VICTIMS OF FRAUDS AND ENSURE THAT THEY ARE COMPENSATED FOR LOSS
DIRECTED TO SUBMIT ACTION TAKEN REPORT
IMPOSED PENALTY RS.2,00,00,000
22-FEB-2024
|
|
| 14 |
|
|
DEINON RISK SERVICES PVT.LTD.
|
|
|
ACTED AS INSURANCE BROKER WITHOUT REGISTRATION FROM IRDAI
|
IMPOSED PENALTY RS.10,00,000
23-MAY-2022
|
|
| 15 |
|
|
DLF PRAMERICA LIFE INSURANCE CO.LTD.
|
|
|
PAID APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION/REMUNERATION TO CORPOARTE AGENTS
|
IMPOSED PENALTY RS.1,00,000
11-DEC-2013
|
|
| 16 |
|
|
FUTURE GENERALI INDIA INSURANCE CO.LTD.
|
|
|
ALLOWED DISCOUNTS OUTSIDE THE RANGE OF RATES FILED, UNPRINCIPLED RATE CUTTING WITHOUT FILING OF PRICING REVISIONS IN THE PRODUCT AND NUMBER OF DAYS
|
IMPOSED PENALTY RS.1,00,00,000
10-JUN-2020
|
|
| 17 |
|
|
ICICI LOMBARD GENERAL INSURANCE CO.LTD.
|
|
|
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
PAID NET BROKERAGE HIGHER THAN GROSS BROKERAGE
ALLOWED 15% DISCOUNT FOR PML EXPOSURE WITHOUT FILING AND TAKING APPROVAL FROM IRDA AND RATES CHARGED WERE NOT AS PER RATES FILED WITH IRDA
CHANGED COVERAGE, WORDINGS AND PREMIUM WITHOUT FILING THE SAME WITH IRDA
USED PLAN NAME WHICH WAS FILED WITH IRDA
SUBMITTED INCOMPLETE & MISLEADING INFORMATION TO IRDA
SHOWED TWO DOCUMENTS FOR SAME POLICY HAVING DIFFERENT INSURED’S NAME, DIFFERENCE IN DEDUCTIBLE, SUM INSURED IN AUSTRALIAN DOLLARS IN ONE DOCUMENT AND INR IN ANOTHER DOCUMENT WITHOUT MENTION OF CONSIDERATION (PREMIUM)
LOSS ADJUSTER MENTIONED IN POLICY DOCUMENT WAS NOT IRDA LICENSED SURVEYOR
BOOKED BUSINESS AFTER EXPIRY OF CORPORATE AGENCY LICENSE
|
IMPOSED PENALTY RS.50,00,000
17-OCT-2014
|
|
| 18 |
|
|
INDIA INFOLINE INSURANCE BROKERS LTD.
|
|
|
HIGH NUMBER OF INSURANCE POLICIES CANCELLED DURING FREE LOOK PERIOD
PROVIDED FREE INSURANCE COVERAGE AS AN INDUCEMENT
EMPLOYED UNTRAINED AUTHORISED VERIFIERS FOR SOLICITING OR SALE OVER DISTANCE MODE
DID NOT DEPOSIT ANNUAL FEES IN STIPULATED TIME
PROFESSIONAL INDEMNITY POLICY NOT AS PER TERMS LAID DOWN IN REGULATION 24
|
IMPOSED PENALTY RS.35,30,000
18-NOV-2013
|
|
| 19 |
|
|
INDIA INFOLINE INSURANCE BROKERS LTD.
|
|
|
PERMITTED VARIOUS UNLICENSED INDIVIDUALS TO SOLICIT AND PROCURE BUSINESS
DID NOT HAVE NECESSARY INFRASTRUCTURE TO RUN INSURANCE BROKING OPERATIONS VIOLATING REGULATION 8(2)(II) OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
DID NOT MAKE DISCLOSURE OF RELATED PARTY TRANSACTIONS
|
IMPOSED PENALTY RS.2,04,00,000
25-NOV-2019
|
|
| 20 |
|
|
ING VYSYA LIFE INSURANCE CO.LTD.
|
|
|
PAID APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION/REMUNERATION TO CORPOARTE AGENTS
|
IMPOSED PENALTY RS.1,00,000
11-DEC-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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