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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 BROKERS) REGULATIONS, 2002

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person ACME INSURANCE BROKING SERVICES PVT.LTD.  
  DID NOT EMPLOY TRAINED PERSONS

PLACED SIGNIFICANT PROPORTION OF ITS RE-INSURANCE BUSINESS WITH FOREIGN REINSURERS OR FOREIGN BROKERS AND THE INSURED ALSO A FOREIGN NATIONAL

‘CONSULTANCY FEE’ AND ‘INTEREST INCOME’ SHOWN IN FINANCIAL STATEMENTS UNDER THE HEAD INSURANCE BROKING

RECOGNISED INTEREST ON FIXED DEPOSIT ON CASH BASIS

ENTERED INTO AGREEMENTS WITH GLOBAL ENTITIES TO PLACE WITH INDIAN INSURER, THE INSURANCE BUSINESS FROM INDIAN ENTITIES OF MULTI NATIONAL CORPORATIONS

CONCEALED INFORMATION ON THE PART OF PRINCIPAL OFFICER ABOUT DIRECTORSHIP AND SHAREHOLDING OF ACME VENTURES PVT.LTD.   		IMPOSED PENALTY RS.7,00,000

23-JAN-2015 		 
2
History of entity/person HDFC STANDARD LIFE INSURANCE CO.LTD.  
  CHARGED HIGHER PREMIUM TO COVER MEMBERS OF AGE 50 YEARS AND ABOVE WITHOUT REPORTING TO IRDA

PAID FOR FOREIGN TRIPS TO THIRD PARTY VENDORS FOR EMPLOYEES/SPECIFIED PERSONS OF THE CORPORATE AGENT

OFFERED FINANCIAL AND/OR NON FINANCIAL INCENTIVES DIRECTLY TO EMPLOYEES/SPECIFIED PERSONS

SPONSORED FOREIGN TRIPS TO EMPLOYEES OF THE BROKERS IN THE NAME OF TRAINING   		IMPOSED PENALTY RS.15,00,000

11-JAN-2017 		 
3
History of entity/person MAX LIFE INSURANCE CO.LTD.  
  ADJUSTED BALANCE PREMIUM WITHOUT CONSENT OF POLICY HOLDER VIOLATING OF INSURANCE ACT, 1938

REMUNERATED IN THE NAME OF "CONTESTS", THE PAYOUT OF WHICH WAS ABOVE PRESCRIBED BROKERAGE   		IMPOSED PENALTY RS.10,00,000

28-JUN-2016 		 
4
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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