| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 141 |
|
SBI LIFE INSURANCE CO.LTD.
|
|
|
ACCEPTED INSURANCE BUSINESS FROM CORPORATE AGENT AFTER EXPIRY OF LICENSE
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
|
IMPOSED PENALTY RS.10,00,000
19-SEP-2016
|
|
| 142 |
|
|
SBI LIFE INSURANCE CO.LTD.
|
|
|
DID NOT FILL PROPOSAL FORM AS PER REGULATION 4(3) OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002
DID NOT FILL PROPOSAL FORM AS PER REGULATION 13 OF IRDA (INSURANCE ADVERTISEMENTS & DISCLOSURE) REGULATIONS, 2000
|
IMPOSED PENALTY RS.4,00,000
24-OCT-2019
|
|
| 143 |
|
|
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
|
|
| 144 |
|
|
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
|
|
| 145 |
|
|
SHRIRAM GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO BOARD APPROVED UNDERWRITING DIRECTIVES/INSTRUCTIONS/GUIDELINES AND DID NOT FOLLOW THE RATE ALLOWED UNDER PRODUCT FILING FOR THE GROUP POLICIES ISSUED VIOLATING FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
|
IMPOSED PENALTY RS.6,00,000
04-MAY-2021
|
|
| 146 |
|
|
SHRIRAM LIFE INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO OBLIGATIONS TOWARDS SOCIAL SECTOR IN 2006-07
|
IMPOSED PENALTY RS.5,00,000
DIRECTED TO MEET UNFULFILLED PART OF RURAL AND/OR SOCIAL SECTORS
10-SEP-2007
|
|
| 147 |
|
|
SHRIRAM LIFE INSURANCE CO.LTD.
|
|
|
ISSUED ADVERTISEMENT WHEREIN AN OFFER OF 2% REBATE WAS MADE IN VIOLATION OF SECTION 41 OF THE INSURANCE ACT, 1938
PERMITTED VARIOUS UNLICENSED INDIVIDUALS TO SOLICIT AND PROCURE BUSINESS
ISSUED AND SENT CHEQUE IN FAVOUR OF MASTER POLICY HOLDER IN CASE OF DEATH CLAIMS
OUTSOURCED PARTIALLY ACTIVITY OF NAV COMPUTATION EVEN THOUGH ASSETS UNDER MANAGEMENT CROSSED RS. 500 CRORE
TOOK TREND OF PREVIOUS WEEK TO KNOW ABOUT AN EXPANSION OR A CONTRACTION OF FUNDS(S) INSTEAD OF DECIDING IT ON A DAILY BASIS
PAID REFERRAL FEES TO ITS GROUP COMPANIES
INCURRED OTHER EXPENSES ON REFERRAL PARTNERS APART FROM REFERRAL FEE
PROVIDED CREDIT OF PREMIUM TO POLICYHOLDERS ONLY FROM DATE OF REALIZATION OF AMOUNT
PAID TRAINING EXPENSES IN ADDITION TO BROKERAGE PAID
DID NOT MENTION IN INSURANCE CERTIFICATE OF NON-EMPLOYER GROUP, THE AMOUNT OF PREMIUM CHARGED AND PROCEDURE TO BE FOLLOWED TO REGISTER CLAIM WITH INSURER INCLUDING FULL ADDRESS OF INSURER
FAILED TO PAY INTEREST ON CLAIM AMOUNT IN CASE OF DELAY OF MORE THAN 30 DAYS FROM DATE OF CLAIM ADMISSION TO DATE OF SETTLEMENT
REPUDIATED DEATH CLAIMS FOR NON-SUBMISSION OF CLAIM REQUIREMENTS WITHOUT ALLOWING SUFFICIENT TIME TO CLAIMANT
FREE LOOK CLAUSE IN POLICY DOCUMENT DID NOT SPECIFY “THE AMOUNT PAYABLE TO THE POLICYHOLDER IN CASE HE OPTS FOR FREE LOOK CANCELLATION” AND RECOVERING PROPORTIONATE POLICY ADMINISTRATION CHARGE PLUS A FIXED DOCUMENT CHARGES
|
IMPOSED PENALTY RS.28,00,000
03-MAY-2012
|
|
| 148 |
|
|
SHRIRAM LIFE INSURANCE CO.LTD.
|
|
|
SETTLED DEATH CLAIMS IN FAVOUR OF GROUP MASTER POLICYHOLDER
DID NOT OBTAIN CONFIRMATION OF RECEIPT OF CLAIM PAYMENT FROM THE BENEFICIARIES
AUTOMATED SETTLEMENT OPTION (WITHOUT OPTION/CONSENT BY POLICY HOLDER) ON MATURITY DATE, IF POLICYHOLDER DOES NOT REVERT FOR THE COMMUNICATION SENT
SETTLED DEATH CLAIMS IN FAVOUR OF MASTER POLICYHOLDERS UNDER NON-EMPLOYER/EMPLOYEE GROUP POLICIES
|
IMPOSED PENALTY RS.6,00,000
17-OCT-2016
|
|
| 149 |
|
|
SHRIRAM TRANSPORT FINANCE CO.LTD.
|
|
|
ENGAGED PERSONS OTHER THAN SPECIFIED PERSONS TO PROCURE BUSINESS
|
IMPOSED PENALTY RS.15,00,000
27-SEP-2019
|
|
| 150 |
|
|
STAR UNION DAI-ICHI LIFE INSURANCE CO.LTD.
|
|
|
SETTLED DEATH CLAIMS IN FAVOUR OF MASTER POLICYHOLDERS UNDER NON-EMPLOYER/EMPLOYEE GROUP POLICIES
|
IMPOSED PENALTY RS.1,00,000
21-MAR-2016
|
|
| 151 |
|
|
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
|
|
| 152 |
|
|
TATA AIA LIFE INSURANCE CO.LTD.
|
|
|
PAID APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION/REMUNERATION TO CORPOARTE AGENTS
|
IMPOSED PENALTY RS.10,00,000
03-JUL-2015
|
|
| 153 |
|
|
TATA AIG 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
|
|
| 154 |
|
|
TATA AIG GENERAL INSURANCE CO.LTD.
|
|
|
ENTERED INTO ADDITIONAL RELATIONSHIP WITH CORPORATE AGENTS AND INDIVIDUAL AGENTS AND MADE ADDITIONAL PAYOUTS
SOLICITED BUSINESS THROUGH OTHER THAN LICENSED ENTITIES IN NAME OF RETAINERS/FIELD USERS ETC.
ALLOWED CORPORATE AGENT TO SOLICIT BUSINESS EVEN WITHOUT CHIEF INSURANCE EXECUTIVE (CIE)/SPECIFIED PERSON (SP) WITH CORPORATE AGENT AND ALSO ALLOWED TO SOLICIT BUSINESS ON PAN INDIA BASIS WITH A SINGLE SP ONLY
TERMS OF THE TRIPARTITE AGREEMENT ENTERED WAS AGAINST VARIOUS DIRECTIVES/INSTRUCTIONS/GUIDELINES & ACT PROVISIONS
|
IMPOSED PENALTY RS.20,00,000
17-APR-2017
|
|
| 155 |
|
|
TATA AIG GENERAL INSURANCE CO.LTD.
|
|
|
COLLECTED RENEWAL PREMIUM FOR THREE YEARS IN ADVANCE OUT OF THE LOAN GRANTED BY CORPORATE AGENT VIOLATING REGULATIONS 3(2) AND 3(3) OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.1,00,00,000
29-JAN-2020
|
|
| 156 |
|
|
TATA AIG LIFE INSURANCE CO.LTD.
|
|
|
EXCEEDED PERMISSIBLE LIMITS ON EXPENSES OF MANAGEMENT UNDER SECTION 40C OF INSURANCE ACT,1938
|
IMPOSED PENALTY RS.5,00,000
25-NOV-2010
|
|
| 157 |
|
|
TATA AIG LIFE INSURANCE CO.LTD.
|
|
|
PERMITTED VARIOUS UNLICENSED INDIVIDUALS AND CORPORATES TO SOLICIT AND PROCURE BUSINESS
PAID EXCESS REFERRAL FEES THAN ENVISAGED IN REFERRAL DIRECTIVES/INSTRUCTIONS/GUIDELINES
PAID BUSINESS PROMOTION EXPENSES TO CORPORATE AGENTS APART FROM REGULAR COMMISSION
DID NOT VERIFY PROPOSAL FORMS ON SAMPLE BASIS PROCURED THROUGH UNLICENSED ENTITIES
PROPOSAL FORMS WERE SIGNED AND LODGED IN A PLACE OTHER THAN NORMAL PLACE OF RESIDENCE OR PLACE OF BUSINESS OF PROPOSER/LIFE ASSURED
|
IMPOSED PENALTY RS.49,00,000
13-AUG-2012
|
|
| 158 |
|
|
UNITED INDIA INSURANCE CO.LTD.
|
|
|
DID NOT FOLLOW FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES AT THE TIME OF RENEWAL OF MEGA RISK POLICY FOR REFINERIES DIVISION OF INDIAN OIL CORP.LTD.
|
IMPOSED PENALTY RS.2,00,000
25-JAN-2008
|
|
| 159 |
|
|
UNITED INDIA 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
|
|
| 160 |
|
|
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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| Page 8 of 9
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