| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 21 |
|
SHRIRAM LIFE INSURANCE CO.LTD.
|
|
|
DID NOT RE-DISPATCH DOCUMENTS EVEN AFTER COMPLAINT FILED BY THE CUSTOMER/S
DID NOT PUT IN PLACE ADEQUATE PROCESSES AND SYSTEMS TO ENSURE REGULATORY COMPLIANCE AROUND FREE LOOK CANCELLATION FACILITY AND ALL OTHER BUILDING BLOCKS LIKE DISPATCH OF POLICY BONDS, GRIEVANCES RELATING TO NON-RECEIPT OF POLICY BONDS ETC.
DID NOT INSTITUTE SYSTEMS AND PROCESSES TO DETECT INTENDED FRAUDS AND MISREPRESENTATION BY LIFE ASSURED/ POLICYHOLDERS
DID NOT CARRY OUT DUE DILIGENCE BY OBTAINING STANDARDIZED AND VERIFIABLE PROOF OF ACTUAL ANNUAL INCOME OF POLICYHOLDER’S
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
22-SEP-2025
|
|
| 22 |
|
|
STAR HEALTH & ALLIED INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO THE PROVISIONS OF ADVERTISEMENT REGULATIONS, DIRECTIVES/INSTRUCTIONS/GUIDELINES AND CIRCULARS ISSUED BY IRDA WHILE RELEASING INSURANCE ADVERTISEMENTS
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
21-AUG-2015
|
|
| 23 |
|
|
STAR HEALTH & ALLIED INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO IRDAI INFORMATION & CYBER SECURITY GUIDELINES, 2023
|
IMPOSED PENALTY RS.3,39,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
25-JUL-2025
|
|
| 24 |
|
|
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
|
|
| 25 |
|
|
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
|
|
| 26 |
|
|
UNITED INDIA INSURANCE CO.LTD.
|
|
|
DID NOT MAKE DISCLOSURE OF LOADING/DISCOUNT PARAMETRS SPECIFIED IN FILE AND USE APPLICATION BY IRDA
DID NOT MAKE DISCOSURE OF MATRIX IN POLICY CONTRACT ISSUED VIOLATING REGULATION 7(H) (II) (3) OF IRDA (HEALTH INSURANCE) REGULATIONS, 2013
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
31-OCT-2017
|
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
| |
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