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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 (INSURANCE ADVERTISEMENTS & DISCLOSURE) REGULATIONS, 2000

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person BAJAJ ALLIANZ LIFE INSURANCE CO.LTD.  
  RELEASED ADVERTISEMENT WITHOUT PROVIDING ANY DISCLAIMERS UNDER “UNFAIR OR MISLEADING ADVERTISEMENT” CATEGORY”   CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.

07-DEC-2015 		 
2
History of entity/person MAX BUPA HEALTH INSURANCE CO.LTD.  
  ISSUED UNFAIR AND MISLEADING ADVERTISEMENT VIOLATING REGULATIONS 2 (D) (III), REGULATION 3 AND 12 OF IRDA ADVERTISEMENT REGULATIONS, 2000   CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.

30-OCT-2017 		 
3
History of entity/person ROYAL SUNDARAM ALLIANCE INSURANCE CO.LTD.  
  MADE PAYMENTS TO CORPORATE AGENTS IN ADDITION TO COMMISSION FOR VARIOUS ACTIVITIES

PAID TO AUTO DEALERS IN THE NATURE OF REMUNERATION TOWARDS OUTSOURCING OF PROMOTIONAL AND BRANDING ACTIVITIES

OUTSOURCED CORE ACTIVITIES LIKE ALLOWING THIRD PARTIES TO DECIDE PREMIUM RATES, TO DO SURVEY AND ASSESS LOSS ETC.

DID NOT MAINTAIN SPECIMEN COPIES OF ADVERTISEMENTS

PROCURED BUSINESS THROUGH UNLICENSED ENTITIES

PAID COMMISSION TO OTHER THAN LICENSED AGENTS

MADE CHANGES TO TARIFF WORDINGS WITHOUT FILING AND TAKING APPROVAL FROM IRDA

ALLOWED DISCOUNTS UP TO 90% UNDER ENGINEERING & FIRE SEGMENTS EVEN THOUGH THE MAXIMUM DISCOUNT ALLOWED WAS 60%

ISSUED GROUP PERSONAL ACCIDENT INSURANCE POLICY (GPA) TO PRIMARY CARD HOLDERS WHICH WAS NOT AS PER FILED VERSION OF THE PRODUCT

DID NOT FILE “SUNDARAM CREDIT PROTECT” WITH IRDA AS PER FILE AND USE DIRECTIVES/INSTRUCTIONS/GUIDELINES

ISSUED UNNAMED POLICY COVERING MEMBERS OF INSURED   		IMPOSED PENALTY RS.40,00,000

06-MAY-2016 		 
4
History of entity/person 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 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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