| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 1 |
|
ANGEL FINANCIAL ADVISORS PVT.LTD.
|
|
|
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
PROCURED BUSINESS THROUGH OTHER THAN “SPECIFIED PERSONS” VIOLATING CLAUSE 3(II)(A) AND 3(II)(M) OF SCHEDULE 3 UNDER REGULATION 26 OF IRDAI (REGISTRATION OF CORPORATE AGENT) REGULATIONS, 2015
DID NOT HAVE PROFESSIONAL INDEMNITY POLICY WITH INDEMNITY CLAUSE AND GENERAL CONDITIONS NOT IN LINE WITH PRESCRIBED REGULATION VIOLATING CLAUSE 1(D) OF SCHEDULE II UNDER REGULATION 19(3) OF IRDAI (REGISTRATION OF CORPORATE AGENTS) REGULATIONS, 2015
HAVE PROFESSIONAL INDEMNITY POLICY WITH RETROACTIVE DATE VIOLATING CLAUSE 2(A) OF SCHEDULE II UNDER REGULATION 19 OF IRDAI (REGISTRATION OF CORPORATE AGENTS) REGULATIONS, 2015
COMPELLED BUYER OF THE OTHER PRODUCT TO NECESSARILY BUY INSURANCE PRODUCT VIOLATING PARA 16 OF IRDA CIRCULAR NO.017/IRDA/CIRCULAR/CA GUIDELINES/2005 DATED 14/07/2005 (GUIDELINES ON LICENSING OF CORPORATE AGENTS), 2005 READ WITH CLAUSE 3(II)(A) OF CODE OF CONDUCT UNDER REGULATION 26 OF IRDAI (REGISTRATION OF CORPORATE AGENTS) REGULATIONS, 2015
|
IMPOSED PENALTY RS.27,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
20-DEC-2021
|
|
| 2 |
|
|
CORPORATION BANK
|
|
|
DID NOT MAINTAIN RECORDS CAPTURING THE DETAILS OF SPECIFIED PERSONS ALONG WITH RESPECTIVE INSURANCE POLICIES
DID NOT CAPTURE THE IDENTITY (NAME, CODE AND/OR SIGNATURE) OF SPECIFIED PERSONS WHO HAD PROCURED THAT POLICY
PROCURED BUSINESS WITHOUT VALID CERTIFICATE, USING UNTRAINED PERSONS FOR SOLICITATION ETC.
CHARGED AND DEBITED AMOUNT AS BANK CHARGES FROM THE ACCOUNTS OF POLICYHOLDERS AT A SPECIFIC RATE VARYING BY SUM ASSURED
DELAY IN DEPOSITING INSURANCE PREMIUM WITH INSURER
|
IMPOSED PENALTY RS.46,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
06-AUG-2021
|
|
| 3 |
|
|
FLIPKART INTERNET PVT.LTD.
|
|
|
DID NOT HAVE ADEQUATE NUMBER OF SPECIFIED PERSONS TO ENSURE BOTH EFFECTIVE SOLICITATION AND PROPER SERVICING OF POLICYHOLDERS VIOLATING REGULATION 14(V) AND CLAUSE 3 OF SCHEDULE III READ WITH REGULATION 26 OF IRDAI (REGISTRATION OF CORPORATE AGENTS) REGULATIONS, 2015
SOLICITED AND PROCURED RETAIL INSURANCE BUSINESS AFTER EXPIRY OF CERTIFICATE OF REGISTRATION VIOLATING CLAUSE 3(II)(A) OF SCHEDULE III READ WITH REGULATION 26 OF IRDAI (REGISTRATION OF CORPORATE AGENTS) REGULATIONS, 2015
MISUSED INSURANCE SELF NETWORK PLATFORM CERTIFIED PLATFORM BY INTEGRATING IT WITH INSURANCE INTERMEDIARY’S WEBSITE INSTEAD OF DIRECTLY WITH INSURERS VIOLATING CLAUSE 15.1(B) OF (INSURANCE E-COMMERCE) GUIDELINES, 2017
|
IMPOSED PENALTY RS.1,06,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
07-APR-2025
|
|
| 4 |
|
|
INDUSIND BANK LTD.
|
|
|
DID NOT ISSUE RENEWAL NOTICES TO CUSTOMER AS PER REGULATORY REQUIREMENT
DID NOT HAVE GRIEVANCE REDRESSAL MECHANISM AND DID NOT PROVIDE ANY OPTION FOR POLICY HOLDER TO LODGE COMPLAINTS
DID NOT MAKE DISCLOSURE TO IRDAI OF PENALTIES IMPOSED BY REGULATORY BODY AND/OR GOVERNMENT BODIES
DID NOT MAKE DISCLOSURE OF REGISTRATION NO. GRANTED BY IRDAI ON WEBSITE
DID NOT GIVE ADEQUATE PUBLICITY AND VISIBILITY ON WEBSITE REGARDING ROLE AS CORPORATE AGENT OF LIFE AND GENERAL INSURERS
|
IMPOSED PENALTY RS.1,00,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
10-SEP-2026
|
|
| 5 |
|
|
NISSAN RENAULT FINANCIAL SERVICES INDIA PVT.LTD.
|
|
|
DELAY IN REMITTANCE OF PREMIUM TO INSURANCE COMPANIES VIOLATING REGULATION 24(1) OF IRDAI (REGISTRATION OF CORPORATE AGENT) REGULATIONS, 2015
DID NOT PROVIDE COMPLAINANTS A DIRECT OPTION TO REGISTER COMPLAINTS
DID NOT SPECIFY QUANTUM AND MANNER OF FEE PAYMENT IN THE DISTRIBUTION FEE SECTION OF THE MISP AGREEMENTS
DID NOT CONDUCT MONTHLY AUDIT AND RECONCILIATION ON WEEKLY BASIS
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
IMPOSED PENALTY RS.1,00,00,000
27-MAY-2026
|
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
