| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 1 |
|
HDFC LIFE INSURANCE CO.LTD.
|
|
|
DID NOT HAVE PROPER INTERNAL CONTROLS TO ENSURE THAT ADVANCE PREMIUMS ARE NOT COLLECTED BEYOND THREE MONTHS FOR POLICIES AS PRESCRIBED IN REGULATIONS
DID NOT TRANSFER AMOUNT TO UNCLAIMED FUND EVEN AFTER SIX MONTHS FROM DUE DATE AND CONSEQUENTLY UNCLAIMED FUND WAS NOT DISCLOSED ACCURATELY
DID NOT PROCESS PROPOSALS WITH SPEED AND EFFICIENCY AND DID NOT ADJUST/REFUND THE PREMIUM DEPOSIT WITHIN STIPULATED TIME
DID NOT TRANSFER UNALLOCATED PREMIUM BEYOND SIX MONTHS TO UNCLAIMED AMOUNT
DELAY IN PAYMENT OF MATURITY CLAIMS
DID NOT HAVE ROBUST SYSTEMS IN PLACE TO PROCESS MATURITY CLAIMS AND SURVIVAL BENEFIT
DID NOT REVIEW AND ENSURE THAT THE INTERNAL SYSTEMS AND CONTROLS ARE EFFICIENT ENOUGH TO MANAGE OPERATIONAL ISSUES RELATED TO AGENTS VIZ THEIR APPOINTMENT, RENEWAL AND TERMINATION ETC.
DID NOT TAKE PRIOR APPROVAL OF COMMON DIRECTORSHIP FROM THE AUTHORITY EVEN THOUGH RE-APPOINTMENT
OUTSOURCING PAYMENTS NOT REPORTED TO AUTHORITY UNDER “OUTSOURCING RETURNS” AS PER REGULATION 21 OF IRDAI (OUTSOURCING OF ACTIVITIES BY INDIAN INSURERS) REGULATIONS, 2017
UTILIZED SERVICES OF INSURANCE BROKERS AS A REGULAR TELE-MARKETER OR OUTSOURCING SERVICE PROVIDE AND NOT LIMITING SERVICES AS SPECIFIED IN REGULATIONS
MADE PAYMENTS OTHER THAN COMMISSION/REMUNERATION TO VARIOUS CORPORATE AGENTS
MADE PAYMENTS FOR DISPLAYING BANNERS ON THEIR WEBSITES WITHOUT VENDOR DUE DILIGENCE DOCUMENTS ETC.
MADE EXCESS PAY-OUTS TO INSURANCE BROKER PROPORTIONATE TO BUSINESS PLACE
|
IMPOSED PENALTY RS.2,00,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
DIRECTED TO SUBMIT ACTION TAKEN REPORT
01-AUG-2024
|
|
| 2 |
|
|
ICICI LOMBARD GENERAL INSURANCE CO.LTD.
|
|
|
INVOLVED AGENT OF OTHER INSURERS FOR EVENT MANAGEMENT SERVICES
DID NOT REPORT PAYMENTS FOR OUTSOURCED FINANCIAL COMMITMENTS
DID NOT UNDERTAKE DUE DILIGENCE OR COST-BENEFIT ANALYSIS
DID NOT HAVE BOARD-APPROVED VENDORS MANAGEMENT POLICY FOR SELECTING THIRD-PARTY VENDORS AND TO EVALUATE NON-OUTSOURCING ACTIVITIES
DID NOT MAINTAIN PROPER ACCOUNTING AND CONTROL PROCEDURE TO ALLOCATE PREMIUM TOWARDS CONCERNED RISK OR POLICY OR REFUND OF PROPOSAL DEPOSITS
DID NOT PROCESS FREE LOOK CANCELLATION (FLC) REQUESTS AND ISSUE REFUNDS WITHIN FIFTEEN DAYS
|
IMPOSED PENALTY RS.1,00,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
07-SEP-2026
|
|
| 3 |
|
|
LIBERTY GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT MAINTAIN SIGNED COPY OF MINUTES OF OUTSOURCING COMMITTEE AND DID NOT PROVIDE DOCUMENTS REGARDING ANNUAL PERFORMANCE EVALUATION AND PERIODICITY OF INSPECTION OF OUTSOURCING SERVICE PROVIDERS
DID NOT PROVIDE NECESSARY DETAILS REGARDING SUBSTANTIAL AMOUNT PAID TO MAHINDRA INSURANCE BROKERS LTD.
DID NOT ENSURE STRICT ADHERENCE TO DEFINITIONS AND CLASSIFICATIONS AS PRESCRIBED UNDER IRDAI REGULATIONS WITHOUT ANY EXCEPTION
PAID REWARDS TO CORPORATE AGENTS IN THE NAME OF OUTSOURCING INSTEAD OF COMMISSION/REMUNERATION AND REWARDS ACCOUNT
|
IMPOSED PENALTY RS.1,00,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
28-OCT-2025
|
|
| 4 |
|
|
SHRIRAM LIFE INSURANCE CO.LTD.
|
|
|
DID NOT RE-DISPATCH DOCUMENTS EVEN AFTER COMPLAINT FILED BY THE CUSTOMER/S
DID NOT PUT IN PLACE ADEQUATE PROCESSES AND SYSTEMS TO ENSURE REGULATORY COMPLIANCE AROUND FREE LOOK CANCELLATION FACILITY AND ALL OTHER BUILDING BLOCKS LIKE DISPATCH OF POLICY BONDS, GRIEVANCES RELATING TO NON-RECEIPT OF POLICY BONDS ETC.
DID NOT INSTITUTE SYSTEMS AND PROCESSES TO DETECT INTENDED FRAUDS AND MISREPRESENTATION BY LIFE ASSURED/ POLICYHOLDERS
DID NOT CARRY OUT DUE DILIGENCE BY OBTAINING STANDARDIZED AND VERIFIABLE PROOF OF ACTUAL ANNUAL INCOME OF POLICYHOLDER’S
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
22-SEP-2025
|
|
| 5 |
|
|
UNIVERSAL SOMPO GENERAL INSURANCE CO.LTD.
|
|
|
CLOSED CLAIMS IN THE BOOK OF INSURER WITHOUT A FINAL DECISION VIOLATING REGULATION 27(V) OF IRDAI (HEALTH INSURANCE) REGULATIONS, 2016
DELAY IN MAKING REFUND OF PROPOSAL DEPOSIT VIOLATING REGULATIONS 8(6) AND 8(7) OF THE IRDAI (PROTECTION OF POLICYHOLDERS INTEREST) REGULATIONS, 2017
DELAY IN SETTLEMENT OF MOTOR CLAIM VIOLATING REGULATION 15(8) OF IRDAI (PROTECTION OF POLICYHOLDERS’ INTEREST) REGULATIONS, 2017
DID NOT PAY PENAL INTEREST FOR DELAY IN SETTLEMENT OF CLAIMS VIOLATING REGULATION 15(10) OF IRDAI (PROTECTION OF POLICYHOLDERS’ INTEREST) REGULATIONS, 2017
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
07-NOV-2025
|
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
