| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 141 |
|
ROYAL SUNDARAM GENERAL INSURANCE CO.LTD.
|
|
|
CLOSED CLAIMS DUE TO INSUFFICIENT DOCUMENTATION INDICATED A LACK OF DUE DILIGENCE OR THOROUGHNESS IN THE INITIAL CLAIMS REVIEW PROCESS
DID NOT SUBMIT EXPLANATION/ INFORMATION SOUGHT BY THE INSPECTION TEAM DURING THE INSPECTION PERIOD
|
IMPOSED PENALTY RS.1,00,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
23-JAN-2025
|
|
| 142 |
|
|
SAHARA INDIA LIFE INSURANCE CO.LTD.
|
|
|
DELAY IN DESPATCH OF POLICY BONDS
PERMITTED VARIOUS UNLICENSED INDIVIDUALS TO SOLICIT AND PROCURE BUSINESS
DELAY IN DEATH CLAIM PAYMENTS AND SETTLED WITHOUT PENAL INTEREST
ALLOWED GRACE PERIOD OF 90 DAYS IN CASE OF POLICIES WITH GROUP BILLING INSTEAD OF 30 DAYS
DID NOT GET APPROVAL OF ACTUARY FOR PREMIUM QUOTATIONS IN GROUP SCHEMES
DID NOT SHOW PAYMENTS MADE TO SAHARA CARE IN RELATED PARTY TRANSACTIONS
|
IMPOSED PENALTY RS.12,00,000
27-FEB-2012
|
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
|
| 143 |
|
|
SBI 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
|
|
| 144 |
|
|
SBI GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO MINIMUM OBLIGATIONS UNDER MOTOR THIRD PARTY INSURANCE BUSINESS VIOLATING IRDAI (OBLIGATION OF INSURER IN RESPECT OF MOTOR THIRD PARTY INSURANCE BUSINESS) REGULATIONS, 2015
|
IMPOSED PENALTY RS.25,00,000
09-APR-2021
|
|
| 145 |
|
|
SBI GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO MINIMUM OBLIGATIONS UNDER MOTOR THIRD PARTY INSURANCE BUSINESS VIOLATING IRDAI (OBLIGATION OF INSURER IN RESPECT OF MOTOR THIRD PARTY INSURANCE BUSINESS) REGULATIONS, 2015
|
IMPOSED PENALTY RS.30,00,000
05-MAY-2021
|
|
| 146 |
|
|
SBI LIFE INSURANCE CO.LTD.
|
|
|
INSERTED CLAUSES INTO POLICY DOCUMENT WITHOUT SEEKING APPROVAL OF IRDA
|
IMPOSED PENALTY RS.10,00,000
28-JUL-2010
|
|
| 147 |
|
|
SBI LIFE INSURANCE CO.LTD.
|
|
|
REIMBURSED GROUP ADMINISTRATIVE EXPENSES TO CORPORATE AGENTS AND GROUP MASTER POLICYHOLDERS WITHOUT PRIOR APPROVAL OF IRDA
|
IMPOSED PENALTY RS.70,00,000
08-JUL-2011
|
REPRESENTATION PREFERRED UNDER SECTION 34(2) IS REJECTED AND ACCORDINGLY DISPOSED OFF. DIRECTED SBI LIFE INSURANCE CO.LTD. TO IMMEDIATELY IMPLEMENT THE DIRECTIONS ISSUED VIDE ORDER DATED 05/10/2012 AND SUBMIT A COMPLIANCE REPORT WITHIN THIRTY DAYS FROM THE DATE OF THIS ORDER
IRDA VIDE ITS 05/10/2012 PASSED CERTAIN DIRECTIONS
|
| 148 |
|
|
SBI LIFE INSURANCE CO.LTD.
|
|
|
PAID CLAIM CHEQUES TO MASTER POLICY HOLDER
SOLD TWO YEAR POLICIES AS SINGLE PREMIUM POLICY AND DID NOT GIVE INFORMED CHOICE TO MEMBERS OF GROUP INSURANCE POLICIES VIOLATING FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
PAID EXCESS COMMISSION TO CORPORATE AGENTS OVER AND ABOVE THE ELIGIBLE 2% COMMISSION ON SINGLE INSURANCE POLICIES
|
IMPOSED PENALTY RS.6,00,000
18-SEP-2012
|
|
| 149 |
|
|
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
|
|
| 150 |
|
|
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
|
|
| 151 |
|
|
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
|
|
| 152 |
|
|
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
|
|
| 153 |
|
|
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
|
|
| 154 |
|
|
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
|
|
| 155 |
|
|
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
|
|
| 156 |
|
|
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
|
|
| 157 |
|
|
SHRIRAM TRANSPORT FINANCE CO.LTD.
|
|
|
ENGAGED PERSONS OTHER THAN SPECIFIED PERSONS TO PROCURE BUSINESS
|
IMPOSED PENALTY RS.15,00,000
27-SEP-2019
|
|
| 158 |
|
|
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
|
|
| 159 |
|
|
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
|
|
| 160 |
|
|
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
|
|
| 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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