| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 101 |
|
NEW INDIA ASSURANCE CO.LTD.,THE
|
|
|
DID NOT ADHERE TO OBLIGATIONS TOWARDS SOCIAL SECTOR IN 2007-08
|
IMPOSED PENALTY RS.5,00,000
DIRECTED TO MEET UNFULFILLED PART OF RURAL AND/OR SOCIAL SECTORS
20-MAR-2009
|
|
| 102 |
|
|
NEW INDIA ASSURANCE CO.LTD.,THE
|
|
|
DID NOT ADHERE TO OBLIGATIONS TOWARDS RURAL AND SOCIAL SECTORS IN 2009-10
|
IMPOSED PENALTY RS.10,00,000
DIRECTED TO MEET UNFULFILLED PART OF RURAL AND/OR SOCIAL SECTORS
07-JUN-2011
|
|
| 103 |
|
|
NEW INDIA ASSURANCE CO.LTD.,THE
|
|
|
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
|
|
| 104 |
|
|
NEW INDIA ASSURANCE CO.LTD.,THE
|
|
|
DELAYED IN REDRESSAL OF INSURED'S COMPLAINT
|
IMPOSED PENALTY RS.1,00,000
27-JUL-2011
|
|
| 105 |
|
|
NEW INDIA ASSURANCE CO.LTD.,THE
|
|
|
DID NOT ADHERE TO CIRCULAR ISSUED BY IRDA
|
IMPOSED PENALTY RS.5,00,000
08-AUG-2012
|
|
| 106 |
|
|
NEW INDIA ASSURANCE CO.LTD.,THE
|
|
|
DID NOT FILE MEDICLAIM INSURANCE PRODUCT IN THE MANNER IN WHICH IT WAS ENVISAGED TO BE FILED AND RENEWED POLICIES WITHOUT GETTING CLEARANCE FROM IRDA VIOLATING REGULATION (4) (A) OF IRDA (HEALTH INSURANCE) REGULATIONS, 2013
|
IMPOSED PENALTY RS.5,00,000
19-JAN-2016
|
|
| 107 |
|
|
NEW INDIA ASSURANCE CO.LTD.,THE
|
|
|
PROCURED BUSINESS AND PAID COMMISSION TO AGENTS AFTER EXPIRY OF LICENSE
ALLOWED DISCOUNTS/DISCRETIONARY DISCOUNTS OVER AND ABOVE APPROVED STRUCTURE
DELAY IN APPOINTMENT OF SURVEYORS
DID NOT FOLLOW UP WITH SURVEYORS ON TIMELY SUBMISSION OF REPORT
DELAY IN SETTLEMENT OF CLAIMS AFTER RECEIPT OF SURVEY REPORT
|
IMPOSED PENALTY RS.15,00,000
11-MAR-2016
|
|
| 108 |
|
|
NEW INDIA ASSURANCE CO.LTD.,THE
|
|
|
DELAY IN MAKING PAYMENT OF CLAIMS VIOLATING REGULATION 9 OF IRDA (PROTECTION OF POLICYHOLDERS INTERESTS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.3,00,000
13-SEP-2019
|
|
| 109 |
|
|
ORIENTAL INSURANCE CO.LTD.,THE
|
|
|
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
|
|
| 110 |
|
|
ORIENTAL INSURANCE CO.LTD.,THE
|
|
|
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
|
|
| 111 |
|
|
ORIENTAL INSURANCE CO.LTD.,THE
|
|
|
DID NOT FOLLOW RATING & DISCOUNTS STRUCTURE FILED WITH IRDA
SOURCED BUSINESS THROUGH MULTI LEVEL MARKETING THROUGH PERSONS WHO DID NOT POSSESS ANY CERTIFICATE/LICENSE
PAID APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION/REMUNERATION TO CORPOARTE AGENTS
REIMBURSED CLAIM PAYMENTS TO GROUP ORGANIZER
PAID VARIOUS CLAIMS TO INSURED PERSONS DUE TO DELAY IN PAYMENT BY TPA/OIC
|
IMPOSED PENALTY RS.20,00,000
08-FEB-2016
|
|
| 112 |
|
|
PNB METLIFE INDIA INSURANCE CO.LTD.
|
|
|
ALLOWED REINSTATEMENT OF POLICY AFTER DATE OF MATURITY VIOLATING TERMS & CONDITIONS OF THE POLICY AS FILED AND APPROVED UNDER FILE & USE
USED SERVICES OF MANY EXTERNAL SERVICE PROVIDERS FOR PURPOSE OF LEAD GENERATON VIOLATING REGULATION 8(1) OF IRDA (SHARING OF DATA BSE) REGULATIONS, 2010
|
IMPOSED PENALTY RS.10,00,000
24-MAR-2017
|
|
| 113 |
|
|
RELIANCE GENERAL INSURANCE CO.LTD.
|
|
|
CHANGED NAME OF GENERAL INSURANCE PRODUCT,TERMS & CONDITIONS AND PRICE OF PRODUCT WITHOUT GETTING CLEARANCE FROM IRDA
|
IMPOSED PENALTY RS.20,00,000
23-JUL-2008
|
|
| 114 |
|
|
RELIANCE 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
|
|
| 115 |
|
|
RELIANCE GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT MAKE DIRECT PAYMENTS TO NETWORK PROVIDER AND POLICYHOLDERS BY INTEGRATING THEIR BANKING SYSTEM PLATFORM WITH NETWORK PROVIDER OR INSURED
|
IMPOSED PENALTY RS.5,00,000
09-APR-2015
|
|
| 116 |
|
|
RELIANCE GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT MAKE DISCLOSURE OF INFORMATION RELATED TO RELIANCE CAPITAL LTD. (RCL) BEING SUBSIDIARY COMPANY OF RELIANCE INNOVENTURES PVT.LTD. VIOLATING REGULATION 2(G)(I) OF IRDA (REGISTRATION OF INSURANCE COMPANIES) REGULATIONS, 2000
|
IMPOSED PENALTY RS.5,00,000
10-SEP-2015
|
|
| 117 |
|
|
RELIANCE GENERAL INSURANCE CO.LTD.
|
|
|
SETTLED LESSER AMOUNTS THAN IDV IN CASE OF MOTOR VEHICLE TOTAL LOSS/THEFT CLAIMS VIOLATING PROVISION 9(5) OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.5,00,000
21-AUG-2018
|
|
| 118 |
|
|
RELIANCE GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT SOLICIT INSURANCE POLICIES HAVING SUM INSURED EXCEEDING RS.5 CRORE PER RISK FOR ALL INSURANCES COMBINED
ENGAGED WITH ADVAITH MOTORS AND MADE PAYMENTS FOR OTHER PROFESSIONAL, TECHNICAL AND BUSINESS SERVICES
APPOINTED IN HOUSE EMPLOYEES TO ASSESS THE LOSS BEYOND RS.50,000.00 UNDER MOTOR INSURANCE WHO DID NOT POSSESS THE LICENSE ISSUED BY IRDAI FOR SURVEYOR
|
IMPOSED PENALTY RS.2,00,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
03-JAN-2024
|
|
| 119 |
|
|
RELIANCE LIFE INSURANCE CO.LTD.
|
|
|
OPENED OFFICES WITHOUT OBTAINING PRIOR APPROVAL OF IRDA
DID NOT ISSUE LICENSES IN STIPULATED PERIOD
OUTSOURCED KEY JOBS RELATED TO ISSUE OF LICENSES
ENTERED INTO REFERRAL LIKE AGREEMENTS WITH INDIVIDUALS
PAID EXCESS REFERRAL FEES THAN ENVISAGED IN REFERRAL DIRECTIVES/INSTRUCTIONS/GUIDELINES
|
IMPOSED PENALTY RS.5,00,000
DIRECTED TO ABIDE BY RULES AND REGULATIONS ISSUED BY IRDA UNDER PROVISIONS OF THE INSURANCE ACT,1938
DIRECTED NOT TO OUTSOURCE ANY ACTIVITY INVOLVED IN ISSUE AND RENEWAL OF LICENCES
DIRECTED TO CANCEL REFERRAL AGREEMENTS WITH INDIVIDUALS
12-AUG-2010
|
|
| 120 |
|
|
RELIANCE LIFE INSURANCE CO.LTD.
|
|
|
PAID APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION/REMUNERATION TO CORPOARTE AGENTS
PAID AMOUNT FOR WHICH SERVICE PROVIDER PREMIER TRAINING PVT.LTD. (PTPL) NOT PERFORM ACTIVITIES SPECIFIED IN AGREEMENT
DID NOT PROVIDE DETAILS OF VENDORS AS SOUGHT BY INSPECTION TEAM
DID NOT INITIATE THE PROCESS OF TERMINATION AS PER TERMS & CONDITIONS LAID DOWN IN OUTSOURCING AGREEMENT
DID NOT PERFORM DUE DILIGENCE BUT CARRIED OUT ONLY PAPER WORK AND ANNUAL PERFORMANCE APPRAISAL WAS ALSO NOT CARRIED OUT
MADE SIGNIFICANT PAYOUTS TO RELIANCE MONEY INFRASTRUCTURE LTD., TOWARDS SHARING OF CUSTOMERS INFORMATION
DID NOT EXERCISE PROPER DUE DILIGENCE AND VIOLATED PROVISIONS OF CLAUSE 10 OF OUTSOURCING DIRECTIVES/INSTRUCTIONS/GUIDELINES
ENGAGED IN REFERRAL TIE-UP WITH RELIANCE MONEY INFRASTRUCTURE LTD. WITHOUT TAKING APPROVAL OF AUTHORITY
MADE PAYMENTS TO VARIOUS ENTITIES TOWARDS MARKETING ACTIVITIES, DISSEMINATION OF INFORMATION AND GENERATION OF LEADS
|
IMPOSED PENALTY RS.85,00,000
06-AUG-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 6 of 8
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