| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 61 |
|
ICICI LOMBARD GENERAL INSURANCE CO.LTD.
|
|
|
ISSUED GROUP PERSONAL ACCIDENT PRODUCT WITH TERM MORE THAN ONE YEAR VIOLATING REGULATION 3(C), 3(D) AND 4(A & B)) OF IRDA (HEALTH INSURANCE) REGULATIONS, 2013
ISSUED GROUP INDIVIDUAL PERSONAL PROTECT POLICY WITH TERM MORE THAN THREE YEARS VIOLATING REGULATION 3(C), 3(D) AND 4(A & B)) OF IRDA (HEALTH INSURANCE) REGULATIONS, 2013
|
IMPOSED PENALTY RS.1,00,00,000
27-JAN-2020
|
|
| 62 |
|
|
ICICI PRUDENTIAL LIFE INSURANCE CO.LTD.
|
|
|
PERMITTED VARIOUS UNLICENSED INDIVIDUALS TO SOLICIT AND PROCURE BUSINESS
ENTERED IN REFERRAL AGREEMENTS WITH NON-BANKING ENTITIES INCLUDING INDIVIDUALS
INCURRED OTHER EXPENSES ON REFERRAL PARTNERS APART FROM REFERRAL FEE
PAID NON-COMPETE FEE APART FROM COMMISSION TO CORPORATE AGENTS
MADE OTHER PAYOUTS APART FROM COMMISSIONS IN THE NAME OF BRANCH LEVEL MARKETING, PROMOTIONAL ACTIVITIES, CUSTOMER AWARENESS PROGRAMMES, MARKET FEEDBACK AND OTHER RELATED ACTIVITES TO INSURANCE BROKER
REMUNERATED MASTER POLICYHOLDERS IN THE NAME OF “MARKET SUPPORT FEE” OR “ADMINISTRATIVE FEE”
|
IMPOSED PENALTY RS.1,18,00,000
ADVISED INSURANCE COMPANIES TO STRICTLY ADHERE TO IRDA GUIDELINES
24-MAY-2012
|
|
| 63 |
|
|
ICICI PRUDENTIAL LIFE INSURANCE CO.LTD.
|
|
|
ENTERED INTO AGREEMENTS WITH GROUP MASTER POLICY HOLDERS AND MADE PAYOUTS VIOLATING CLAUSE B-2 AND CLAUSE C-4 OF GROUP INSURANCE DIRECTIVES/INSTRUCTIONS/GUIDELINES, 2005
ENTERED INTO AGREEMENTS WITH CORPORATE AGENTS AND MADE PAYOUTS VIOLATING CLAUSE 21 OF DIRECTIVES/INSTRUCTIONS/GUIDELINES OF IRDA (LICENSING OF CORPORATE AGENTS) REGULATIONS, 2005
GIFT CARDS, FOREIGN TRIPS ARRANGED FOR EMPLOYEES OF CORPORATE AGENTS THROUGH VARIOUS SALES CAMPAIGNS VIOLATING CLAUSE 21 OF DIRECTIVES/INSTRUCTIONS/GUIDELINES ON IRDA (LICENSING OF CORPORATE AGENTS) REGULATIONS, 2005
FLOATED CONTESTS FOR EMPLOYEES OF THE BROKERS AND REMUNERATED THEM WITH GIFTS AND FOREIGN TRIPS VIOLATING REGULATION 19 OF IRDAI (INSURANCE BROKERS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.20,00,000
27-MAR-2017
|
|
| 64 |
|
|
IDBI FEDERAL LIFE INSURANCE CO.LTD.
|
|
|
MADE PAYMENT OF DEATH CLAIM PROCEEDS TO MASTER POLICYHOLDER VIOLATING OF CLAUSE C-7 OF GROUP INSURANCE DIRECTIVES/INSTRUCTIONS/GUIDELINES, 2005
FLOATED VARIOUS CONTESTS TO INSURANCE BROKERS & EMPLOYEES OF BROKERS AND REWARED OVER & ABOVE COMMISSION/BROKERAGE
|
IMPOSED PENALTY RS.16,00,000
04-NOV-2015
|
|
| 65 |
|
|
IFFCO-TOKIO GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO OBLIGATIONS TOWARDS RURAL SECTOR IN 2007-08
|
IMPOSED PENALTY RS.5,00,000
DIRECTED TO MEET UNFULFILLED PART OF RURAL AND/OR SOCIAL SECTORS
20-MAR-2009
|
|
| 66 |
|
|
IFFCO-TOKIO GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
DID NOT EXERCISE DUE SKILL, CARE AND DILIGENCE WHILE SUBMITTING PRICE-BID FOR ISSUANCE OF INSURANCE POLICIES TO DELHI AND MUMBAI INTERNATIONAL AIRPORTS
|
IMPOSED PENALTY RS.5,00,000
17-AUG-2010
|
|
| 67 |
|
|
IFFCO-TOKIO GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT EXERCISE DUE DILIGENCE IN TERMS OF CLAUSE 5 OF DIRECTIVES/INSTRUCTIONS/GUIDELINES IN MATTER OF RENEWAL OF LICENCE OF CORPORATE AGENTS
DID NOT REFER APPLICATION TO IRDA FOR EXERCISING POWERS VESTED IN IT UNDER IRDA ACT, 1999 AND IRDA (LICENSING OF CORPORATE AGENTS) REGULATIONS, 2002 IN MATTER OF GRANT OF LICENSE TO CORPORATE AGENTS
|
IMPOSED PENALTY RS.5,00,000
07-JUN-2011
|
|
| 68 |
|
|
IFFCO-TOKIO 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
|
|
| 69 |
|
|
IFFCO-TOKIO GENERAL INSURANCE CO.LTD.
|
|
|
PROCURED BUSINESS THROUGH OTHER THAN “SPECIFIED PERSONS”
MADE CHANGES TO TARIFF WORDINGS WITHOUT FILING AND TAKING APPROVAL FROM IRDA
|
IMPOSED PENALTY RS.10,00,000
07-JAN-2016
|
|
| 70 |
|
|
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
|
|
| 71 |
|
|
IFFCO-TOKIO GENERAL INSURANCE CO.LTD.
|
|
|
MADE PAYMENTS DIRECTLY TO MOTOR INSURANCE SERVICE PROVIDER (MISP) AND THE DESIGNATED PERSON FOR THE FACILITIEDS USED AND UNDER INFRASTRUCTURE AND PROFESSIONAL FEE VIOLATING GUIDELINE 15(5)(D) OF MISPG UNDER SECTION 102(B) OF THE INSURANCE ACT,1938
|
IMPOSED PENALTY RS.5,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
22-APR-2021
|
|
| 72 |
|
|
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
|
|
| 73 |
|
|
INDIAFIRST LIFE INSURANCE CO.LTD.
|
|
|
PAID APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION/REMUNERATION TO CORPOARTE AGENTS
|
IMPOSED PENALTY RS.5,00,000
03-JUL-2015
|
|
| 74 |
|
|
ING VYSYA LIFE INSURANCE CO.LTD.
|
|
|
INCURRED OTHER EXPENSES ON REFERRAL PARTNERS APART FROM REFERRAL FEE
PAID MARKETING EXPENSES TO CORPORATE AGENTS IN ADDITION TO BROKERAGE PAID
|
IMPOSED PENALTY RS.30,00,000
30-JUL-2012
|
|
| 75 |
|
|
KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LTD.
|
|
|
REPUDIATED DEATH CLAIMS FOR NON-SUBMISSION OF CLAIM REQUIREMENTS WITHOUT ALLOWING SUFFICIENT TIME TO CLAIMANT
REMUNERATED MASTER POLICYHOLDERS TOWARDS ADMINISTRATIVE FEE
MODIFIED POLICY TERMS OF COMPLETE COVER GROUP PLANS WITHOUT GETTING CLEARANCE FROM IRDA
|
IMPOSED PENALTY RS.22,00,000
07-SEP-2012
|
|
| 76 |
|
|
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
|
|
| 77 |
|
|
L&T 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
|
|
| 78 |
|
|
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
|
|
| 79 |
|
|
LIBERTY GENERAL INSURANCE LTD.
|
|
|
MADE PAYMENTS DIRECTLY TO MOTOR INSURANCE SERVICE PROVIDER (MISP) AND THE DESIGNATED PERSON FOR THE FACILITIEDS USED AND UNDER INFRASTRUCTURE AND PROFESSIONAL FEE VIOLATING GUIDELINE 15(5)(D) OF MISPG UNDER SECTION 102(B) OF THE INSURANCE ACT,1938
|
IMPOSED PENALTY RS.13,00,000
15-APR-2021
|
|
| 80 |
|
|
LIBERTY VIDEOCON GENERAL INSURANCE CO.LTD.
|
|
|
CREATED INTERMEDIARY CODES FOR UNAUTHORISED ENTITIES, SOLICITED BUSINESS THROUGH THESE ENTITIES, BOOKED UNDER DIRECT CHANNEL AND MADE PAYMENT IN THE NAME OF OUTSOURCED ACTIVITIES
PAID PROFESSIONAL FEE APART FROM STIPULATED INSURANCE COMMISSION TO INDIVIDUAL AGENTS
DID NOT MAKE DISCLOSURE OF PROFESSIONAL FEE PAID TO INDIVIDUAL AGENTS APART FROM STIPULATED INSURANCE COMMISSION TO IRDA AS REQUIRED UNDER FORM 31B (2) OF INSURANCE ACT, 1938
DISTORTED RATING STRUCTURE WITH HIGH DISCOUNTS ON BASIC RATE AND COVERED BASIC PREMIUM BY OVERCHARGING ON CATASTROPHIC PERILS, MISLED REINSURANCE BROKERS TO DEVELOP APPROPRIATE REINSURANCE TERMS IN REINSURANCE MARKET
|
IMPOSED PENALTY RS.15,00,000
22-DEC-2016
|
|
| 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 4 of 9
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