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SOURCE OF INFORMATION : INSURANCE REGULATORY & DEVELOPMENT AUTHORITY OF INDIA WEBSITE
PERIOD COVERED : 16-AUG-2002 TO 13-JUL-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: VIOLATED IRDA (ASSETS, LIABILITIES AND SOLVENCY MARGIN OF INSURERS) REGULATIONS, 2002

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person 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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