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SOURCE OF INFORMATION : INSURANCE REGULATORY & DEVELOPMENT AUTHORITY OF INDIA WEBSITE
PERIOD COVERED : 16-AUG-2002 TO 21-NOV-2024

NAMES IN BROWN COLOUR
Names of entities/persons in brown colour denote that the regulatory order is not against them but their names have been mentioned only for association purposes.

INSURANCE COMPANY: IMPOSED PENALTY

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
161
History of entity/person UNITED INDIA INSURANCE CO.LTD.  
  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

DID NOT ADHERE TO FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES   		IMPOSED PENALTY RS.5,00,000

03-JAN-2019 		 
162
History of entity/person UNIVERSAL SOMPO GENERAL INSURANCE CO.LTD.  
  PAID BROKERAGE UNDER ACCOUNTING HEAD “PROFESSIONAL FEES” INSTEAD OF “INSURANCE COMMISSION”

MADE PAYMENTS TO ENTITIES BY ENTERING INTO FRESH AGREEMENTS BEFORE GETTING APPROVAL FROM IRDA

PROCURED BUSINESS FROM CORPORATE AGENTS’ INSPITE OF NOT HAVING SINGLE SPECIFIED PERSON LICENSED TO SOLICIT GENERAL INSURANCE BUSINESS

ACCEPTED INSURANCE BUSINESS FROM INDIVIDUAL REFERRAL AGENTS WHO DO NOT HOLD VALID LICENSE TO SOLICIT AND PROCURE INSURANCE BUSINESS

PAID MOTOR DEALERS UNDER THREE DIFFERENT ACCOUNT HEADS “PAYMENTS OF CONTRACTORS & SUB-CONTRACTORS, FEES FOR PROFESSIONAL OR TECHNICAL SERVICES AND INSURANCE COMMISSION”

MADE CHANGES TO TARIFF WORDINGS WITHOUT FILING AND TAKING APPROVAL FROM IRDA   		IMPOSED PENALTY RS.15,00,000

07-JAN-2016 		 
163
History of entity/person UNIVERSAL SOMPO GENERAL INSURANCE CO.LTD.  
  DID NOT ADHERE TO MINIMUM OBLIGATIONS UNDER MOTOR THIRD PARTY BUSINESS VIOLATING IRDAI (OBLIGATION OF INSURER IN RESPECT OF MOTOR THIRD PARTY INSURANCE BUSINESS) REGULATIONS, 2015   IMPOSED PENALTY RS.25,00,000

05-MAY-2021 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.
 
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