| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 21 |
|
BHARTI AXA LIFE INSURANCE CO.LTD.
|
|
|
PAID AMOUNTS TO GROUP POLICYHOLDERS IN THE NAME OF “MARKET RESEARCH”, “SALES TRAINING” AND “DISPLAY OF PUBLICITY MATERIAL” ETC VIOLATING CLAUSES B-2 AND C-4 OF GROUP INSURANCE DIRECTIVES/INSTRUCTIONS/GUIDELINES AND CIRCULAR NO.015/IRDA/LIFE/CIRCULAR/GI DIRECTIVES/INSTRUCTIONS/GUIDELINES/2005 DATED 14/07/2005
|
IMPOSED PENALTY RS.5,00,000
12-APR-2016
|
|
| 22 |
|
|
BIRLA SUN LIFE INSURANCE CO.LTD.
|
|
|
TOOK BLANKET APPROVAL FOR RAISING THE LIMIT UP TO 15% IN RESPECT OF INDUSTRY/GROUP EXPOSURE
ISSUED AND SENT CHEQUE IN FAVOUR OF MASTER POLICY HOLDER IN CASE OF DEATH CLAIMS
PERMITTED VARIOUS UNLICENSED INDIVIDUALS TO SOLICIT AND PROCURE BUSINESS
|
IMPOSED PENALTY RS.6,00,000
12-APR-2012
|
|
| 23 |
|
|
BIRLA SUN LIFE INSURANCE CO.LTD.
|
|
|
ADJUSTED EXCESS PREMIUM RECEIVED OVER AND ABOVE ANNUALIZED PREMIUM ON THE DAY OF RECEIPT OF PREMIUM INSTEAD OF ADJUSTING THE PREMIUMS AT RESPECTIVE DUE DATES VIOLATING IRDA LINKED INSURANCE PRODUCTS) REGULATIONS, 2013
EXCLUSION CLAUSE WAS NOT MENTIONED IN F&U APPLICATION WHICH WAS APPROVED FOR SINGLE PREMIUM GROUP TERM POLICY VIOLATING FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
DID NOT MAKE DISCLOSURE OF BUSINESS MENTORS AS OUTSOURCE ACTIVITY REQUIRED UNDER OUTSOURCING DIRECTIVES/INSTRUCTIONS/GUIDELINES
PROVIDED GIFT CARDS/FOREIGN TRIPS/CONTESTS TO THE EMPLOYEES OF CORPORATE AGENTS AND BROKERS VIOLATING CORPORATE AGENTS DIRECTIVES/INSTRUCTIONS/GUIDELINES
|
IMPOSED PENALTY RS.20,00,000
08-DEC-2016
|
|
| 24 |
|
|
CANARA HSBC ORIENTAL BANK OF COMMERCE LIFE INSURANCE CO.LTD.
|
|
|
FLOATED VARIOUS SALES CAMPAIGNS TO THE EMPLOYEES OF CORPORATE AGENTS WHO WERE NOT LICENSED SPECIFIED PERSONS VIOLATING SECTION 40(1) OF INSURANCE ACT, 1938 AND CLAUSE 21 OF IRDA CIRCULAR NO.017/IRDA/CIRCULAR/CA DIRECTIVES/INSTRUCTIONS/GUIDELINES/2005 DATED 14/07/2005 ON DIRECTIVES/INSTRUCTIONS/GUIDELINES ON LICENSING OF CORPORATE AGENTS
ISSUED AND SENT CHEQUE IN FAVOUR OF MASTER POLICY HOLDER IN CASE OF DEATH CLAIMS
|
IMPOSED PENALTY RS.31,00,000
12-DEC-2014
|
|
| 25 |
|
|
CHOLA MS GENERAL INSURANCE CO.LTD.
|
|
|
ENGAGED WITH AND CORRESPONDING PAYMENTS IN THE NAME OF DISPLAY OF ADVERTISEMENT MATERIAL TO MISPS VIOLATING PARA 15(5)(D) OF IRDA (MISP) DIRECTIVES/INSTRUCTIONS/GUIDELINES
|
IMPOSED PENALTY RS.1,00,00,000
08-MAR-2021
|
|
| 26 |
|
|
CHOLAMANDALAM MS GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT TAKE APPROVAL FROM IRDA BEFORE ENTERING INTO CORPORATE AGENCY AGREEMENT WITH ANOTHER INSURER
GIVEN IN WRITING TO CENTRAL BANK OF INDIA ABOUT PAYMENT OF RS.10 CRORE FOR PROVIDING INFORMATION ABOUT BANK’S CUSTOMERS ETC.VIOLATING DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED FOR LICENSING OF CORPORATE AGENTS
PAID COMPENSATION TO CENTRAL BANK OF INDIA FOR SOLICITATION BY THIRD PARTY TO SHARE INFORMATION ABOUT ITS MEMBERS
|
IMPOSED PENALTY RS.5,00,000
09-FEB-2011
|
|
| 27 |
|
|
CHOLAMANDALAM MS GENERAL INSURANCE CO.LTD.
|
|
|
PAID MONIES APART FROM/OVER AND ABOVE COMMISSION TO CORPOPRATE AGENT INDUSIND BANK LTD. IN FORM OF “DATABASE SHARING/INCENTIVES TO EMPLOYEES OF CORPORATE AGENT AND INFRASTRUCTURE SETTING UP COSTS”
|
IMPOSED PENALTY RS.10,00,000
30-AUG-2011
|
|
| 28 |
|
|
CHOLAMANDALAM MS 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
|
|
| 29 |
|
|
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
|
|
| 30 |
|
|
CHOLAMANDALAM MS GENERAL INSURANCE CO.LTD.
|
|
|
PAID COMMISSION ON PORTED HEALTH POLICIES VIOLATING CLAUSE 15 OF SCHEDULE I OF IRDA (HEALTH INSURANCE) REGULATIONS, 2013
PAID FEE WITHOUT HAVING UPPER CAP/LIMIT ON FEE PAYABLE
DID NOT ADHERE TO CIRCULAR ON PROVIDING OF INFORMATION OF AGENCY CONTACT DETAILS IN POLICY DOCUMENT
|
IMPOSED PENALTY RS.1,01,00,000
22-OCT-2019
|
|
| 31 |
|
|
DHFL PRAMERICA LIFE INSURANCE CO.LTD.
|
|
|
ENTERED INTO OUTSOURCING AGREEMENTS WITH ENTITIES OWNED/RELATED TO INDIVIDUAL AGENTS AND MADE EXTRA PAYOUTS
ENTERED INTO AGREEMENTS WITH RELATED PARTIES OF CORPORATE AGENTS TO OBTAIN SERVICES AND MADE PAYMENTS TO ENTITIES
NAMED AN INDIVIDUAL (HOLDING A LICENSE AS AN INDIVIDUAL AGENT) AS CORPORATE INSURANCE EXECUTIVE (CIE) OF A CORPORATE AGENT
|
IMPOSED PENALTY RS.15,00,000
13-APR-2016
|
|
| 32 |
|
|
EDELWEISS TOKIO LIFE INSURANCE CO.LTD.
|
|
|
DID NOT TAKE PRIOR APPROVAL FROM IRDA FOR CHANGE IN SHAREHOLDING PATTERN
DID NOT SUBMIT DETAILS OF EXPIRY OF THE JOINT VENTURE AGREEMENT DATED 28/11/2009 ENTERED BETWEEN EDELWEISS FINANCIAL SERVICES LTD. AND TOKIO MARINE & NICHIDO FIRE INSURANCE CO.LTD.
|
IMPOSED PENALTY RS.20,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
04-APR-2024
|
|
| 33 |
|
|
EXIDE LIFE INSURANCE CO.LTD.
|
|
|
REPUDIATED CLAIMS ON THE GROUNDS OF NON DISCLOSURES OF HEALTH (DOH) FORM AT THE TIME OF REVIVAL, WHICH WAS NOT REQUIRED
MIS-MATCH IN SIGNATURES OF SPECIFIED PERSONS (SP)
PROCURED BUSINESS WITHOUT CHIEF INSURANCE EXECUTIVE (CIE) OR SINGLE SPECIFIED PERSONS (SP)
SETTLED DEATH CLAIMS IN FAVOUR OF MASTER POLICYHOLDERS UNDER NON-EMPLOYER/EMPLOYEE GROUP POLICIES
MADE USE OF PERSONS OTHER THAN SPECIFIED PERSONS IN SOLICITATION OF INSURANCE BUSINESS BY SPONSORING EMPLOYEES OF CORPORATE AGENTS FOR FOREIGN TRIPS
|
IMPOSED PENALTY RS.11,00,000
21-MAR-2016
|
|
| 34 |
|
|
EXIDE LIFE INSURANCE CO.LTD.
|
|
|
PAID RS.28.96 CRORES TOWARD INFRASTRUCTURE FACILITY CHARGES TO CORPORATE AGENT DURING FY. 2012-13 VIOLATING CLAUSE 21 OF CORPORATE AGENCY DIRECTIVES/INSTRUCTIONS/GUIDELINES
|
IMPOSED PENALTY RS.2,00,000
14-NOV-2018
|
|
| 35 |
|
|
EXIDE LIFE INSURANCE CO.LTD.
|
|
|
PAID APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION/REMUNERATION TO CORPOARTE AGENTS
PAID RS.24 CRORES TOWARD INFRASTRUCTURE FACILITY CHARGES TO CORPORATE AGENT DURING FY. 2013-14 VIOLATING CLAUSE 21 OF CORPORATE AGENCY DIRECTIVES/INSTRUCTIONS/GUIDELINES
|
IMPOSED PENALTY RS.3,00,000
15-NOV-2018
|
|
| 36 |
|
|
FUTURE GENERALI INDIA 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
|
|
| 37 |
|
|
FUTURE GENERALI INDIA INSURANCE CO.LTD.
|
|
|
MADE PAYMENTS TO INTERMEDIARIES (BROKERS) UNDER ACCOUNTING HEADS SUCH AS SUPPORT SERVICES,CONSULTANCY ETC.
ENGAGED UNLICENSED INDIVIDUALS/ENTITIES/MOTOR DEALERS/TRAVEL AGENTS/COOPERATIVE BANKS TO SOLICIT INSURANCE BUSINESS AND REMUNERATION WAS PAID IN NAME OF "REIMBURSEMENT OF SUPPORT SERVICES", "CONSULTANCY FEE"
ALLOWED INDIVIDUALS TO SOLICIT INSURANCE BUSINESS WITHOUT HOLDING VALID LICENSE
REFERRAL PARTNERS ENGAGED BY THE INSURER WERE INVOLVED IN SOLICITATION OF INSURANCE AND THE INSURER ISSUED POLICIES TO THE INSURED MENTIONING THE NAME OF THE REFERRAL PARTNER AS "INTERMEDIARY" ON POLICY SCHEDULE
ALLOWED DISCOUNTS ON PREMIUM IN EXCESS OF MAXIMUM DISCOUNT FILED UNDER FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
OFFERED CRITICAL ILLNESS COVER TO MASTER POLICYHOLDER UNDER GROUP HEALTH POLICY BUT TERMS & CONDITIONS UNDER CRITICAL ILLNESS COVER WERE NOT AS PER PRODUCT FILED WITH IRDAI UNDER FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
MADE PAYMENT TO VARIOUS POLICY HOLDERS IN NAME OF SUPPORT CHARGES VIOLATING OF CLAUSE C(4) OF GROUP INSURANCE DIRECTIVES/INSTRUCTIONS/GUIDELINES, 2005
|
IMPOSED PENALTY RS.35,00,000
16-MAY-2016
|
|
| 38 |
|
|
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
|
|
| 39 |
|
|
FUTURE GENERALI INDIA LIFE INSURANCE CO.LTD.
|
|
|
PERMITTED VARIOUS UNLICENSED INDIVIDUALS TO SOLICIT AND PROCURE BUSINESS
|
IMPOSED PENALTY RS.20,00,000
09-JAN-2012
|
|
| 40 |
|
|
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
|
|
| 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 2 of 8
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