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SOURCE OF INFORMATION : INSURANCE REGULATORY & DEVELOPMENT AUTHORITY OF INDIA WEBSITE
UPDATED TILL : 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 AGENT (CORPORATE): CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person 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
History of entity/person 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 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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