| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 1 |
|
BHARTI AXA GENERAL INSURANCE CO.LTD.
|
|
|
MADE CHANGES IN HEALTH INSURANCE POLICY VIOLATING FILE AND USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
MADE PROPORTIONATE DEDUCTION IN PROPORTION TO ROOM RENT AND DEDUCTED DMO/RMO CHARGES WITHOUT MAKING PROPER DISCLOSURE TO POLICYHOLDERS
|
IMPOSED PENALTY RS.5,00,000
20-JUL-2016
|
|
| 2 |
|
|
BHARTI AXA GENERAL INSURANCE CO.LTD.
|
|
|
MADE PAYMENTS TOWARDS INFRASTRUCTURE EXPENSES TO CORPORATE AGENTS
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
PAID COMMISSION TO UNAUTHORISED PERSONS/ENTITIES
MADE ADDITIONAL PAYMENTS OTHER THAN COMMISSION AMOUNT TO LICENSED ENTITY
DID NOT PROVIDE INFORMATION TO INSPECTION TEAM
ALLOWED DISCOUNTS/DISCRETIONARY DISCOUNTS OVER AND ABOVE APPROVED STRUCTURE
DID NOT PROVIDE FULL INFORMATION ON PERILS COVERED TOWARDS WHICH THE PREMIUM HAS BEEN COLLECTED AND DID NOT PROVIDE DOCUMENTARY EVIDENCE NOR REPLIED IN ANY OF ITS SUBMISSIONS VIOLATING PROVISIONS OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.35,00,000
09-AUG-2016
|
|
| 3 |
|
|
CHOLAMANDALAM MS GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT REPORT TO INSPECTION OBSERVATION ON INDIVIDUAL REFERRALS WHO ARE ALSO AGENTS OF OTHER INSURERS
MADE HIGHER DISCOUNTS IN PREMIUM IN EXCESS OF MAXIMUM DISCOUNT ALLOWED UNDER MOTOR ,ENGINEERING AND TRAVEL POLICIES
ISSUED SPECIAL CONTINGENCY POLICY WITHOUT FILING AND TAKING APPROVAL FROM AUTHORITY
DID NOT PLACE SYSTEM CONTROLS TO ENSURE COMPLIANCE VIOLATING OF SECTION 64-VB OF INSURANCE ACT, 1938
DID NOT MAKE DISCLOSURE OF INFORMATION OF ADD-ON COVERS AND PREMIUM BIFURCATION TOWARDS BASE COVER/OPTIONAL OPTED ADD-ON COVERS IN THE POLICY SCHEDULE VIOLATING PROVISIONS OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.25,00,000
16-DEC-2015
|
|
| 4 |
|
|
FUTURE GENERALI INDIA INSURANCE CO.LTD.
|
|
|
OFFERED ADD-ON COVER PRIOR TO FILING THE ADD-ON COVER WITH IRDA FOR APPOVAL VIOLATING SECTION 102(B) OF INSURANCE ACT, 1938
OFFERED ADD-ON COVER WITHOUT OBTAINING CONSENT OF POLICYHOLDER VIOLATING REGULATION 3(2) OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.17,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
09-APR-2021
|
|
| 5 |
|
|
FUTURE GENERALI INDIA LIFE INSURANCE CO.LTD.
|
|
|
PURCHASED GIFT VOUCHERS FROM ONE OF THE GROUP COMPANIES AND DISTRIBUTED IN THE NAME OF BRAND BUILDING ACTIVITY AND RECRUITMENT DRIVE OF POTENTIAL ADVISORS VIOLATING REGULATION 23 (F) OF IRDA (REGISTRATION OF INSURANCE COMPANIES) REGULATIONS, 2000
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
PAID COMMISSION TO PERSONS, WHICH WERE NOT LICENSED TO SOLICIT BUSINESS
ENGAGED IN SOLICITATION OF INSURANCE BUSINESS THROUGH MULTILEVEL MARKETING MODEL
ALLOWED AN INDIVIDUAL TO ATTEND DUBAI CONVENTION WHO WAS NEITHER TIED AS AGENT NOR APPOINTED AS A SPECIFIED PERSON BY ANY CORPORATE AGENT
DID NOT HAVE PROPER SYSTEM FOR ADMINISTRATION OF GROUP POLICIES
|
IMPOSED PENALTY RS.50,00,000
10-JUN-2015
|
|
| 6 |
|
|
HDFC ERGO GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
DID NOT ADHERE TO MOTOR VEHICLE ACT RELATED TO TOTAL LOSS/CONSTRUCTIVE TOTAL LOSS VIOLATING REGULATION 9(5) OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.5,00,000
05-DEC-2018
|
|
| 7 |
|
|
IFFCO-TOKIO GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
DID NOT ADHERE TO MOTOR VEHICLE ACT RELATED TO TOTAL LOSS/CONSTRUCTIVE TOTAL LOSS VIOLATING REGULATION 9(5) OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.5,00,000
19-DEC-2018
|
|
| 8 |
|
|
INDIAFIRST LIFE INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO CIRCULAR ISSUED BY IRDA
CREATED DUMMY CODES IN NEW BUSINESS PROCESSING/POLICY ADMINISTRATION SYSTWEMS AND COMMISSION PAID TO RESPECTIVES CORPORATE AGENTS
FLOATED VARIOUS SALES CAMPAIGNS TO THE EMPLOYEES OF CORPORATE AGENTS IN THE NATURE OF "GIFT CARDS", "ONLINE REDEMPTION POINTS" AND “FOREIGN TRIPS" VIOLATING SECTION 40(1) & 40A OF INSURANCE ACT, 1938
PAID AMOUNT OTHER THAN PERMITTED AGENCY COMMISSION TO CORPORATE AGENT
MADE PAYMENT OF DEATH CLAIM PROCEEDS TO MASTER POLICYHOLDER VIOLATING OF CLAUSE C-7 OF GROUP INSURANCE DIRECTIVES/INSTRUCTIONS/GUIDELINES, 2005
LAUNCHED POLICIES WHICH WERE NOT APPROVED BY IRDA VIOLATING FILE AND USE DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY IRDA
DID NOT OBTAIN CERTIFICATE AT THE END OF THE MEMBERSHIP FORM FROM PROSPECT VIOLATING REGULATION 3(4) & 4(2) OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.65,00,000
26-MAY-2015
|
|
| 9 |
|
|
KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LTD.
|
|
|
CLAIMED UNDER GROUP MASTER POLICY REPUDIATED ON THE GROUNDS OF “NON-DISCLOSURE IN HEALTH DECLARATION” BY INDIVIDUAL MEMBER
|
IMPOSED PENALTY RS.5,00,000
06-MAY-2016
|
|
| 10 |
|
|
L&T GENERAL INSURANCE CO.LTD.
|
|
|
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
MADE CHANGES TO TARIFF WORDINGS WITHOUT FILING AND TAKING APPROVAL FROM IRDA
ALLOWED DISCOUNTS ON FILED RATES ON DIFFERENT BASIS/GROUNDS
DID NOT ADHERE TO RATING & PRICING PROCEDURE NOR THE PREMIUM QUOTATIONS WERE APPROVED BY APPOINTED ACTUARY OR ANY OTHER AUTHROIZED PERSON
SETTLED LESSER CLAIM THAN ELIGIBLE
ACCEPTED PREMIUM FROM THIRD PARTY HAVING NO INSURABLE INTEREST
DID NOT FILE “STANDARDIZED PRODUCT SCRIPTS” IMMEDIATELY ON ENTERING INTO AGREEMENT
|
IMPOSED PENALTY RS.50,00,000
30-JUL-2015
|
|
| 11 |
|
|
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
|
|
| 12 |
|
|
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
|
|
| 13 |
|
|
RELIANCE GENERAL INSURANCE CO.LTD.
|
|
|
SETTLED LESSER AMOUNTS THAN IDV IN CASE OF MOTOR VEHICLE TOTAL LOSS/THEFT CLAIMS VIOLATING PROVISION 9(5) OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.5,00,000
21-AUG-2018
|
|
| 14 |
|
|
RELIANCE NIPPON LIFE INSURANCE CO.LTD.
|
|
|
DEDUCTED PROPORTIONATE PREMIUM INSTEAD OF PROPORTIONATE RISK PREMIUM IN FREE LOCK CANCELLATION (FLC) POLICIES VIOLATING IRDAI (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.5,00,000
21-DEC-2017
|
|
| 15 |
|
|
ROYAL SUNDARAM ALLIANCE INSURANCE CO.LTD.
|
|
|
MADE PAYMENTS TO CORPORATE AGENTS IN ADDITION TO COMMISSION FOR VARIOUS ACTIVITIES
PAID TO AUTO DEALERS IN THE NATURE OF REMUNERATION TOWARDS OUTSOURCING OF PROMOTIONAL AND BRANDING ACTIVITIES
OUTSOURCED CORE ACTIVITIES LIKE ALLOWING THIRD PARTIES TO DECIDE PREMIUM RATES, TO DO SURVEY AND ASSESS LOSS ETC.
DID NOT MAINTAIN SPECIMEN COPIES OF ADVERTISEMENTS
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
PAID COMMISSION TO OTHER THAN LICENSED AGENTS
MADE CHANGES TO TARIFF WORDINGS WITHOUT FILING AND TAKING APPROVAL FROM IRDA
ALLOWED DISCOUNTS UP TO 90% UNDER ENGINEERING & FIRE SEGMENTS EVEN THOUGH THE MAXIMUM DISCOUNT ALLOWED WAS 60%
ISSUED GROUP PERSONAL ACCIDENT INSURANCE POLICY (GPA) TO PRIMARY CARD HOLDERS WHICH WAS NOT AS PER FILED VERSION OF THE PRODUCT
DID NOT FILE “SUNDARAM CREDIT PROTECT” WITH IRDA AS PER FILE AND USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
ISSUED UNNAMED POLICY COVERING MEMBERS OF INSURED
|
IMPOSED PENALTY RS.40,00,000
06-MAY-2016
|
|
| 16 |
|
|
ROYAL SUNDARAM GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
DID NOT ADHERE TO MOTOR VEHICLE ACT RELATED TO TOTAL LOSS/CONSTRUCTIVE TOTAL LOSS VIOLATING REGULATION 9(5) OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.5,00,000
19-DEC-2018
|
|
| 17 |
|
|
SBI LIFE INSURANCE CO.LTD.
|
|
|
DID NOT FILL PROPOSAL FORM AS PER REGULATION 4(3) OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002
DID NOT FILL PROPOSAL FORM AS PER REGULATION 13 OF IRDA (INSURANCE ADVERTISEMENTS & DISCLOSURE) REGULATIONS, 2000
|
IMPOSED PENALTY RS.4,00,000
24-OCT-2019
|
|
| 18 |
|
|
TATA AIA LIFE INSURANCE CO.LTD.
|
|
|
MICRO INSURANCE AGENT SIGNED HIMSELF ON BEHALF OF LIFE ASSURED IN PROPOSAL FORM ON BEHALF OF LIFE ASSURED VIOLATING PROVISIONS OF REGULATION 3(4) OF IRDA (PROTECTION OF POLICYHOLDERS’ INTEREST) REGULATIONS, 2002
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
09-OCT-2015
|
|
| 19 |
|
|
TATA AIG GENERAL INSURANCE CO.LTD.
|
|
|
COLLECTED RENEWAL PREMIUM FOR THREE YEARS IN ADVANCE OUT OF THE LOAN GRANTED BY CORPORATE AGENT VIOLATING REGULATIONS 3(2) AND 3(3) OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.1,00,00,000
29-JAN-2020
|
|
| 20 |
|
|
UNITED INDIA INSURANCE CO.LTD.
|
|
|
DID NOT BOOK LIABILITY AS SOON AS INTIMATION RECEIVED FROM CLAIMANTS
PAID BROKERAGE FOR THE POLICIES ISSUED TO GIF, GUJARAT STATE THROUGH DIRECTORATE OF INSURANCE, GOVT. OF GUJARAT
DELAY IN SUBMISSION OF SURVEYOR'S REPORTS
DELAY IN SETTLEMENT OF CLAIMS
PROCURED BUSINESS EITHER WITHOUT OBTAINING AND/OR BEFORE OBTAINING NOC
DID NOT FILE CO-BRANDED ADVERTISEMENTS REFERRED IN SUBMISSION AND PAID TO CORPORATE AGENT AS A PERCENTAGE OF PREMIUM AND DID NOT PROVIDE COPY OF CLAIMS REQUESTS RECEIVED FROM LICENSED ENTITY
DEVIATED FROM DISCOUNT STRUCTURE APPROVED BY IRDA UNDER F&U DIRECTIVES/INSTRUCTIONS/GUIDELINES BY OFFERING HIGHER DISCOUNTS
DID NOT ADHERE TO FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
PAID COMMISSION OVER & ABOVE INFRASTRUCTURE EXPENSES TO UNLICENSED ENTITIES
DID NOT REGISTER CLAIM CASES AND NOT CREATED PROVISION
DELAY IN RECEIVING PREMIUM FROM INSURER
|
IMPOSED PENALTY RS.60,00,000
22-APR-2015
|
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
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