| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 21 |
|
MAX BUPA HEALTH INSURANCE CO.LTD.
|
|
|
SOLD NEW VERSION OF PRODUCT, BEFORE ITS CLEARANCE FROM IRDA AND CONTINUED TO OFFER OLD VERSION OF PRODUCTS, EVEN AFTER APPROVAL OF NEW VERSION OF PRODUCTS
INVOLVED VARIOUS UNLICENSED ENTITIES TO SOLICIT INSURANCE BUSINESS AND ALSO MADE PAYMENT TO SUCH ENTITIES IN THE NAME OF REIMBURSEMENT OF MARKETING EXPENSES
USED SERVICES OF VARIOUS OUTSOURCED VENDORS TO PROCURE BUSINESS BY LOGGING IN THE NAME OF EMPLOYEES OF THE INSURER
DID NOT CAPTURE DATE OF INTIMATION OF CLAIMS IN THE SYSTEM
LACK OF PROPER INTERNAL CONTROLS AND PROCEDURES WHILE SETTLING THE CLAIMS AT INSURER’S END
DELAY IN SETTLING CLAIMS IN MAJORITY OF CASES
|
IMPOSED PENALTY RS.20,00,000
26-APR-2016
|
|
| 22 |
|
|
MAX LIFE INSURANCE CO.LTD.
|
|
|
ADJUSTED BALANCE PREMIUM WITHOUT CONSENT OF POLICY HOLDER VIOLATING OF INSURANCE ACT, 1938
REMUNERATED IN THE NAME OF "CONTESTS", THE PAYOUT OF WHICH WAS ABOVE PRESCRIBED BROKERAGE
|
IMPOSED PENALTY RS.10,00,000
28-JUN-2016
|
|
| 23 |
|
|
RELIANCE NIPPON LIFE INSURANCE CO.LTD.
|
|
|
MADE PAYMENTS TO CHANNEL DEVELOPMENT ASSOCIATES (CDAS) WITHOUT ANY INVOICE AND WITHOUT ANY BASIS PRIOR TO DECEMBER 2013 VIOLATING CLAUSE 9.6 (II) OUTSOURCING DIRECTIVES/INSTRUCTIONS/GUIDELINES DATED 01/02/2011 AND CLAUSE 6 OF CORPORATE DIRECTIVES/INSTRUCTIONS/GUIDELINES DATED 05/08/2009
DID NOT PROVIDE DETAILS OF MANNER OF WORKING OF CHANNEL DEVELOPMENT ASSOCIATE VARUN ENTERPRISES AND THE BREAKUP OF PAYMENTS MADE
|
IMPOSED PENALTY RS.15,00,000
03-NOV-2016
|
|
| 24 |
|
|
RELIANCE NIPPON LIFE INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO THE DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED VIDE LETTER NO.446/6/F&A/EML/2011-12/223/2013-14 DATED 12/03/2014
|
IMPOSED PENALTY RS.5,00,000
09-MAR-2018
|
|
| 25 |
|
|
SBI LIFE INSURANCE CO.LTD.
|
|
|
SUBMITTED CERTIFICATE SIGNED BY CEO AND CFO THAT ALL CLAIMS BEYOND THREE YEARS FROM DOC/DOR HAVE BEEN PAID ALONG WITH PENAL INTEREST
DID NOT ENSURE SUITABLE INFRASTRUCTURE REQUIREMENTS BEFORE LAUNCH OF NEW PRODUCTS AND AFTER WITHDRAWAL OF EXISTING PRODUCT
OUTSOURCED ACTIVITIES FROM MIC INSURANCE WEB AGGREGATORS PVT.LTD. AND EASYPOLICY INSURANCE WEB AGGREGATORS PVT.LTD. WHICH WERE NOT SOLICITED THROUGH THEM
|
IMPOSED PENALTY RS.1,00,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
DIRECTED TO SUBMIT ACTION TAKEN REPORT
06-SEP-2024
|
|
| 26 |
|
|
SHRIRAM GENERAL INSURANCE CO.LTD.
|
|
|
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
ALLOWED DISCOUNTS/DISCRETIONARY DISCOUNTS OVER AND ABOVE APPROVED STRUCTURE
DID NOT DOCUMENT STANDARD PROCEDURE IN CONSIDERING CLAIMS ON NON STANDARD/SUBSTANDARD BASIS
|
IMPOSED PENALTY RS.15,00,000
25-JUL-2016
|
|
| 27 |
|
|
STAR UNION DAI-ICHI LIFE INSURANCE CO.LTD.
|
|
|
REPUDIATED THE CLAIM ON THE BASIS OF NON-DISCLOSURE OF NON MATERIAL INFORMATION VIOLATING SECTION 45(4) OF INSURANCE ACT, 1938
|
IMPOSED PENALTY RS.1,00,000
10-JAN-2019
|
|
| 28 |
|
|
TATA AIA LIFE INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO EXPENSES OF MANAGEMENT (EOM) LIMITS PRESCRIBED UNDER SECTION 40B OF INSURANCE ACT, 1938 READ WITH RULE 17D OF INSURANCE RULES, 1939
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
09-MAR-2016
|
|
| 29 |
|
|
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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