| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 21 |
|
LAMBACH INSURANCE BROKERS PVT.LTD.
|
|
|
PROVIDED MISLEADING INFORMATION ON WEBSITE
DID NOT MAKE DISCLOSURE OF OPENING OF NEW BRANCH OFFICE
DID NOT INFORM IRDA ABOUT AMENDMENT IN MEMORANDUM OF ASSOCIATION (MOA)
DELAY IN PAYMENT OF ANNUAL FEES
BUSINESS EMANATED BY WELSPUN GROUP ABOVE STIPULATED LIMIT
POLICY SCHEDULE AND CONDITIONS ATTACHED TO POLICY HAD THREE DIFFERENT COMPULSORY EXCESS
AGREEMENTS EXECUTED ON INAPPROPRIATE STAMP PAPERS AND DID NOT BEAR ANY NAME AND SIGNATURE OF WITNESS
EMPLOYED AGENT ON ITS ROLL
PAID FEES WITHOUT ANY SERVICE AGREEMENT AND ANY SUPPORTING DOCUMENTS TO SUBSTANTIATE SERVICES PROVIDED BY VENDORS
|
IMPOSED PENALTY RS.15,20,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
06-FEB-2015
|
|
| 22 |
|
|
LIFE INSURANCE CORP.OF INDIA
|
|
|
PROPOSAL FORMS ALTERED WITHOUT NECESSARY AUTHENTICATION FROM PROPOSERS AND POLICIES ISSUED WITH TERMS & CONDITIONS OTHER THAN AS APPLIED BY PROPOSERS
DID NOT ADHERE TO THE DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY IRDA ON INVESTMENTS
|
IMPOSED PENALTY RS.10,00,000
12-FEB-2015
|
|
| 23 |
|
|
MARSH INDIA INSURANCE BROKERS PVT.LTD.
|
|
|
DELAY IN REMITTANCE OF PREMIUM TO THE INSURER/ REINSURER VIOLATING CLAUSE (F) OF SCHEDULE II-FORM U UNDER REGULATION 33(2) OF IRDAI (INSURANCE BROKERS) REGULATIONS, 2018
|
IMPOSED PENALTY RS.1,00,00,000
DIRECTED TO UNDERTAKE A REVIEW OF ALL PENDING REMITTANCES AND FILE ACTION TAKEN REPORT INCLUDING STATUS OF PENDING REMITTANCES
DIRECTED TO REVIEW INTERNAL CONTROLS AND IDENTIFY DEFICIENCIES IN PROCESSES AND DRAW ACTION PLAN TO ENSURE THAT ISSUES ARE ADDRESSED AND CORRECTIVE ACTIONS ARE IMPLEMENTED TO BRING AVERAGE DELAY WITH MANDATED TURNAROUND TIMES
14-OCT-2024
|
|
| 24 |
|
|
MAX LIFE INSURANCE CO.LTD.
|
|
|
MISUSED DUAL RELATIONSHIP OF BANK AS A SHAREHOLDER AND CORPORATE AGENT
DID NOT OBTAIN PRIOR APPROVAL FOR TRANSFER OF SHARES TO AXIS BANK LTD. AND ITS GROUP COMPANIES
UNDERTOOK AND FACILITATED TRANSACTIONS OF TRANSFER OF SHARES BETWEEN PARTIES
|
IMPOSED PENALTY RS.3,00,00,000
13-OCT-2022
|
|
| 25 |
|
|
MUTHOOT RISK INSURANCE & BROKING SERVICES PVT.LTD.
|
|
|
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
|
IMPOSED PENALTY RS.1,00,00,000
07-APR-2021
|
|
| 26 |
|
|
NETAMBIT INSURANCE BROKING INDIA LTD.
|
|
|
HIRED SOME OF THE EMPLOYEES HAVING THEIR INDIVIDUAL AGENT LICENSE VIOLATING CODE OF CONDUCT CLAUSE 3(B) OF SCHEDULE VI-A UNDER REGULATION 28 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
COMMUNICATED WRONG FIGURES DURING ONSITE INSPECTION VIOLATING CODE OF CONDUCT CLAUSE 1 OF SCHEDULE VI-A UNDER REGULATION 28 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
|
IMPOSED PENALTY RS.20,00,000
10-JAN-2018
|
|
| 27 |
|
|
PROWESS INSURANCE BROKERS PVT.LTD.
|
|
|
ENGAGED IN BUSINESS TRANSACTIONS AFTER EXPIRY OF ITS REGISTRATION
|
IMPOSED PENALTY RS.37,00,000
12-JUL-2024
|
|
| 28 |
|
|
RDB INSURANCE BROKING SERVICES PVT.LTD.
|
|
|
PAID APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION/REMUNERATION TO CORPOARTE AGENTS
|
IMPOSED PENALTY RS.25,000
11-DEC-2013
|
|
| 29 |
|
|
RELIANCE LIFE INSURANCE CO.LTD.
|
|
|
INVESTMENT MADE IN EXCESS OF 3% OF FUND SIZE IN FIXED DEPOSITS WERE CATEGORIZED AS APPROVED INVESTMENTS INSTEAD OF OTHER INVESTMENTS
INVESTMENT POLICY EXCLUDED "CAPITAL SECURED FUND” AND “MONEY MARKET FUND” FROM EXPOSURE LIMIT OF 25% OF FUND IN BANKING & FINANCIAL SECTOR
INVESTMENT POLICY ALLOWED HIGHER LIMIT OF 15% OF INDIVIDUAL FUND SIZE FOR EQUITY AS WELL AS DEBT EXPOSURE CONTRARY TO LIMITS PRESCRIBED UNDER IRDA INVESTMENTS REGULATIONS, 2000
DID NOT MAKE PROVISION FOR LIABILITY (I.E.CONSIDERATION FOR USE OF BRANDS)
DID NOT MAKE PROPER DISCLOSURE OF PREMIUM RECEIVED IN ADVANCE
DID NOT SUBMIT CONFIRMATION TOWARDS OUTSTANDING LOANS
DID NOT MAKE DISCLOSURE RELATED TO FULL SURRENDER FEE
DID NOT MAKE DISCLOSURE OF RELATED PARTY TRANSACTIONS
DID NOT MAKE PROVISIONS FOR PREMIUM WAIVER BENEFITS
DID NOT MAKE NOTES OR CLAIMS REPORTING PATTERN FOR IBNR (INCURRED BUT NOT REPORTED)
PAID EXCESS REFERRAL FEES THAN ENVISAGED IN REFERRAL DIRECTIVES/INSTRUCTIONS/GUIDELINES
DEFAULT IN MAKING DISCLOSURE OF OCCUPATIONS
DEATH CLAIMS SETTLED IN FAVOUR OF MASTER POLICY HOLDERS AS AGAINST TO BENEFICIARIES/INSURED
DELAY IN PROCESSING OF REQUESTS FOR PARTIAL WITHDRAWALS UNDER ULIPS
REIMBURSED GROUP MASTER POLICY HOLDER TOWARDS MARKETING & ADVERTISING EXPENSES
PAID SIGNIFICANT AMOUNT TO VARIOUS ENTITIES TOWARDS MARKETING ACTIVITIES
PERMITTED VARIOUS UNLICENSED INDIVIDUALS AND CORPORATES TO SOLICIT AND PROCURE BUSINESS
BUSINESS SOURCED THROUGH UNLICENSED ENTITIES BUT BOOKED UNDER BROKER CODE
SOURCED BUSINESS THROUGH MULTI LEVEL MARKETING THROUGH PERSONS WHO DID NOT POSSESS ANY CERTIFICATE/LICENSE
SIGNATURE OF IRDA LICENSED ADVISOR SPECIFIED PERSON EITHER FORGED OR NOT AVAILABLE VIOLATING IRDA CIRCULAR NO.IRDA/CIR/010/2013 DATED 27/03/2013
|
IMPOSED PENALTY RS.1,77,00,000
11-APR-2014
|
|
| 30 |
|
|
SAFERISK INSURANCE BROKERS PVT.LTD.
|
|
|
INVOLVED UNLICENSED ENTITIES/PERSONS IN SOLICITATION OF BUSINESS
|
IMPOSED PENALTY RS.3,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
31-AUG-2021
|
|
| 31 |
|
|
SAFEWAY INSURANCE BROKERS PVT.LTD.
|
|
|
DID NOT FURNISH REQUIRED INFORMATION/DOCUMENTS TO IRDA
DELAY IN SUBMISSION OF QUARTERLY AND HALF YEARLY RETURNS
DID NOT HAVE PROPER LEASE AGREEMENT FOR ITS FUNCTIONING VIOLATING CLAUSE 2(II) OF REGULATION 8 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
UTILIZED SERVICES OF EMPLOYEES FOR SOLICITATION FROM ITS OFFICES AND BRANCHES, WHO HAVE NOT COMPLETED THEIR RENEWAL TRAINING VIOLATING CLAUSE 2(III) AND 2(XIV) OF REGULATION 8 READ WITH PROVISIONS OF SCHEDULE II UNDER REGULATION 8 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
DID NOT UTILIZE SERVICES OF AGENTS AND CANVASSERS VIOLATING CLAUSE 3(B) OF SCHEDULE VI-A UNDER REGULATION 28 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
PROFESSIONAL INDEMNITY POLICY WAS NOT IN LINE WITH THE REGULATORY REQUIREMENTS VIOLATING CLAUSE 2(A) OF SCHEDULE III READ WITH REGULATION 13 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
DID NOT SUBMIT CERTIFICATE FROM STATUTORY AUDITORS VIOLATING CLAUSE 6 OF REGULATION 29 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
|
IMPOSED PENALTY RS.11,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
04-OCT-2021
|
|
| 32 |
|
|
SAHARA INDIA LIFE INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO OBLIGATIONS TOWARDS SOCIAL SECTORS IN 2012-13 AND 2014-15
|
IMPOSED PENALTY RS.5,00,000
23-JUL-2014
|
IRDA VIDE ITS PUBLIC NOTICE DATED 23/06/2017 DIRECTED SAHARA TO NOT TO PROCURE / COLLECT PROPOSAL DEPOSITS / UNDERWRITE NEW BUSINESS WITH IMMEDIATE EFFECT, I.E., CLOSE OF BUSINESS ON 23/06/2017. DIRECTED SAHARA INDIA LIFE INSURANCE CO.LTD. TO INFORM ALL CONCERNED AGENTS / INTERMEDIARIES OF THE ABOVE DIRECTION AND ENSURE THAT THEY DO NOT PROCURE / COLLECT PROPOSAL DEPOSITS TOWARDS NEW INSURANCE BUSINESS IMMEDIATELY ON RECEIPT OF THIS ORDER. FURTHER, DIRECTED TO CONTINUE TO COLLECT AND ACCOUNT FOR THE RENEWAL PREMIUM AND SERVICE THE EXISTING BUSINESS AND POLICYHOLDERS, UNHINDERED
IRDA VIDE ITS NOTICE DATED 12/06/2017 APPOINTED MR.R.K.SHARMA, GM (F&A-NL), IRDAI AS ADMINISTRATOR FOR MANAGING THE AFFAIRS OF SAHARA INDIA LIFE INSURANCE CO.LTD., WITH IMMEDIATE EFFECT
|
| 33 |
|
|
SAHARA INDIA LIFE INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO OBLIGATIONS TOWARDS SOCIAL SECTORS IN 2013-14
|
IMPOSED PENALTY RS.25,00,000
03-NOV-2014
|
IRDA VIDE ITS PUBLIC NOTICE DATED 23/06/2017 DIRECTED SAHARA TO NOT TO PROCURE / COLLECT PROPOSAL DEPOSITS / UNDERWRITE NEW BUSINESS WITH IMMEDIATE EFFECT, I.E., CLOSE OF BUSINESS ON 23/06/2017. DIRECTED SAHARA INDIA LIFE INSURANCE CO.LTD. TO INFORM ALL CONCERNED AGENTS / INTERMEDIARIES OF THE ABOVE DIRECTION AND ENSURE THAT THEY DO NOT PROCURE / COLLECT PROPOSAL DEPOSITS TOWARDS NEW INSURANCE BUSINESS IMMEDIATELY ON RECEIPT OF THIS ORDER. FURTHER, DIRECTED TO CONTINUE TO COLLECT AND ACCOUNT FOR THE RENEWAL PREMIUM AND SERVICE THE EXISTING BUSINESS AND POLICYHOLDERS, UNHINDERED
IRDA VIDE ITS NOTICE DATED 12/06/2017 APPOINTED MR.R.K.SHARMA, GM (F&A-NL), IRDAI AS ADMINISTRATOR FOR MANAGING THE AFFAIRS OF SAHARA INDIA LIFE INSURANCE CO.LTD., WITH IMMEDIATE EFFECT
|
| 34 |
|
|
SALASAR SERVICES INSURANCE BROKERS PVT.LTD.
|
|
|
GAVE WRONG AND MISLEADING ADVICE TO LODGE CLAIMS VIOLATING CLAUSE 2 OF CODE OF CONDUCT IN SCHEDULE 1 – FORM H OF IRDA (INSURANCE BROKERS) REGULATIONS, 2018
GAVE WRONG AND MISLEADING ADVICE TO CLIENTS/POLICY HOLDERS VIOLATING CLAUSE 1 OF CODE OF CONDUCT IN SCHEDULE 1 – FORM H OF IRDA (INSURANCE BROKERS) REGULATIONS, 2018
MADE MISLEADING AND EXTRAVAGANT STATEMENTS VIOLATING CLAUSE 10 OF CODE OF CONDUCT IN SCHEDULE 1 – FORM H OF IRDA (INSURANCE BROKERS) REGULATIONS, 2018
|
IMPOSED PENALTY RS.8,00,000
16-JUN-2021
|
|
| 35 |
|
|
SHRIRAM GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT TAKE PRIOR APPROVAL FROM IRDA FOR CHANGE IN SHAREHOLDING PATTERN
|
IMPOSED PENALTY RS.5,00,000
11-JUL-2014
|
|
| 36 |
|
|
SHRIRAM LIFE INSURANCE CO.LTD.
|
|
|
DID NOT TAKE PRIOR APPROVAL FROM IRDA FOR CHANGE IN SHAREHOLDING PATTERN
|
IMPOSED PENALTY RS.5,00,000
11-JUL-2014
|
|
| 37 |
|
|
SMC INSURANCE BROKERS PVT.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
08-JAN-2020
|
|
| 38 |
|
|
SUSHIL INSURANCE BROKERS PVT.LTD.
|
|
|
DID NOT USE ANY SOFTWARE FOR OPERATIONS AS PRESENTED TO IRDA AT TIME OF APPLICATION FOR GRANT OF LICENSE
ENGAGED SERVICES OF EMPLOYEES OTHER THAN QUALIFIED PERSONS IN SOLICIATION OF INSURANCE BUSINESS
DELAY IN PAYMENT OF ANNUAL FEES
DID NOT OBTAIN WRITTEN MANDATE FROM CLIENT AND DEVELOPED TERMS ON THE BASIS OF INFORMATION PROVIDED BY THE CLIENT
DID NOT RE-FILE ADVERTISEMENTS AND CONTINUED TO USE SAID ADVERTISEMENTS
MAINTAINED BOOKS OF ACCOUNTS ON COMMON ACCOUNTING SOFTWARE PLATFORM USED BY SUSHIL FINANCE LTD.
DID NOT ADHERE TO REQUIREMENTS OF RECRUITMENT OF QUALIFIED EMPLOYEES
|
IMPOSED PENALTY RS.5,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
16-FEB-2015
|
|
| 39 |
|
|
TATA AIA LIFE INSURANCE CO.LTD.
|
|
|
PAID APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION/REMUNERATION TO CORPOARTE AGENTS
|
IMPOSED PENALTY RS.50,000
11-DEC-2013
|
|
| 40 |
|
|
TOYOTA TSUSHO INSURANCE BROKER (INDIA) PVT.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
08-JAN-2020
|
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
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