| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 1 |
|
BIRLA SUN LIFE INSURANCE CO.LTD.
|
|
|
ADJUSTED EXCESS PREMIUM RECEIVED OVER AND ABOVE ANNUALIZED PREMIUM ON THE DAY OF RECEIPT OF PREMIUM INSTEAD OF ADJUSTING THE PREMIUMS AT RESPECTIVE DUE DATES VIOLATING IRDA LINKED INSURANCE PRODUCTS) REGULATIONS, 2013
EXCLUSION CLAUSE WAS NOT MENTIONED IN F&U APPLICATION WHICH WAS APPROVED FOR SINGLE PREMIUM GROUP TERM POLICY VIOLATING FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
DID NOT MAKE DISCLOSURE OF BUSINESS MENTORS AS OUTSOURCE ACTIVITY REQUIRED UNDER OUTSOURCING DIRECTIVES/INSTRUCTIONS/GUIDELINES
PROVIDED GIFT CARDS/FOREIGN TRIPS/CONTESTS TO THE EMPLOYEES OF CORPORATE AGENTS AND BROKERS VIOLATING CORPORATE AGENTS DIRECTIVES/INSTRUCTIONS/GUIDELINES
|
IMPOSED PENALTY RS.20,00,000
08-DEC-2016
|
|
| 2 |
|
|
DHFL PRAMERICA LIFE INSURANCE CO.LTD.
|
|
|
ENTERED INTO OUTSOURCING AGREEMENTS WITH ENTITIES OWNED/RELATED TO INDIVIDUAL AGENTS AND MADE EXTRA PAYOUTS
ENTERED INTO AGREEMENTS WITH RELATED PARTIES OF CORPORATE AGENTS TO OBTAIN SERVICES AND MADE PAYMENTS TO ENTITIES
NAMED AN INDIVIDUAL (HOLDING A LICENSE AS AN INDIVIDUAL AGENT) AS CORPORATE INSURANCE EXECUTIVE (CIE) OF A CORPORATE AGENT
|
IMPOSED PENALTY RS.15,00,000
13-APR-2016
|
|
| 3 |
|
|
EXIDE LIFE INSURANCE CO.LTD.
|
|
|
REPUDIATED CLAIMS ON THE GROUNDS OF NON DISCLOSURES OF HEALTH (DOH) FORM AT THE TIME OF REVIVAL, WHICH WAS NOT REQUIRED
MIS-MATCH IN SIGNATURES OF SPECIFIED PERSONS (SP)
PROCURED BUSINESS WITHOUT CHIEF INSURANCE EXECUTIVE (CIE) OR SINGLE SPECIFIED PERSONS (SP)
SETTLED DEATH CLAIMS IN FAVOUR OF MASTER POLICYHOLDERS UNDER NON-EMPLOYER/EMPLOYEE GROUP POLICIES
MADE USE OF PERSONS OTHER THAN SPECIFIED PERSONS IN SOLICITATION OF INSURANCE BUSINESS BY SPONSORING EMPLOYEES OF CORPORATE AGENTS FOR FOREIGN TRIPS
|
IMPOSED PENALTY RS.11,00,000
21-MAR-2016
|
|
| 4 |
|
|
ICICI PRUDENTIAL LIFE INSURANCE CO.LTD.
|
|
|
ENTERED INTO AGREEMENTS WITH GROUP MASTER POLICY HOLDERS AND MADE PAYOUTS VIOLATING CLAUSE B-2 AND CLAUSE C-4 OF GROUP INSURANCE DIRECTIVES/INSTRUCTIONS/GUIDELINES, 2005
ENTERED INTO AGREEMENTS WITH CORPORATE AGENTS AND MADE PAYOUTS VIOLATING CLAUSE 21 OF DIRECTIVES/INSTRUCTIONS/GUIDELINES OF IRDA (LICENSING OF CORPORATE AGENTS) REGULATIONS, 2005
GIFT CARDS, FOREIGN TRIPS ARRANGED FOR EMPLOYEES OF CORPORATE AGENTS THROUGH VARIOUS SALES CAMPAIGNS VIOLATING CLAUSE 21 OF DIRECTIVES/INSTRUCTIONS/GUIDELINES ON IRDA (LICENSING OF CORPORATE AGENTS) REGULATIONS, 2005
FLOATED CONTESTS FOR EMPLOYEES OF THE BROKERS AND REMUNERATED THEM WITH GIFTS AND FOREIGN TRIPS VIOLATING REGULATION 19 OF IRDAI (INSURANCE BROKERS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.20,00,000
27-MAR-2017
|
|
| 5 |
|
|
IFFCO-TOKIO GENERAL INSURANCE CO.LTD.
|
|
|
PROCURED BUSINESS THROUGH OTHER THAN “SPECIFIED PERSONS”
MADE CHANGES TO TARIFF WORDINGS WITHOUT FILING AND TAKING APPROVAL FROM IRDA
|
IMPOSED PENALTY RS.10,00,000
07-JAN-2016
|
|
| 6 |
|
|
LIBERTY VIDEOCON GENERAL INSURANCE CO.LTD.
|
|
|
CREATED INTERMEDIARY CODES FOR UNAUTHORISED ENTITIES, SOLICITED BUSINESS THROUGH THESE ENTITIES, BOOKED UNDER DIRECT CHANNEL AND MADE PAYMENT IN THE NAME OF OUTSOURCED ACTIVITIES
PAID PROFESSIONAL FEE APART FROM STIPULATED INSURANCE COMMISSION TO INDIVIDUAL AGENTS
DID NOT MAKE DISCLOSURE OF PROFESSIONAL FEE PAID TO INDIVIDUAL AGENTS APART FROM STIPULATED INSURANCE COMMISSION TO IRDA AS REQUIRED UNDER FORM 31B (2) OF INSURANCE ACT, 1938
DISTORTED RATING STRUCTURE WITH HIGH DISCOUNTS ON BASIC RATE AND COVERED BASIC PREMIUM BY OVERCHARGING ON CATASTROPHIC PERILS, MISLED REINSURANCE BROKERS TO DEVELOP APPROPRIATE REINSURANCE TERMS IN REINSURANCE MARKET
|
IMPOSED PENALTY RS.15,00,000
22-DEC-2016
|
|
| 7 |
|
|
LIFE INDIA EDUCATIONAL & CHARITABLE TRUST
|
|
|
SOLD INSURANCE & INVESTMENT PRODUCTS TO ITS MEMBERS AT THE POINT OF ENROLLING THEM INTO TRUST MEMBERSHIP VIOLATING REGULATION 9(1)(D) OF IRDA (LICENSING OF CORPORATE AGENTS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.5,00,000
22-SEP-2016
|
|
| 8 |
|
|
NEW INDIA ASSURANCE CO.LTD.,THE
|
|
|
PROCURED BUSINESS AND PAID COMMISSION TO AGENTS AFTER EXPIRY OF LICENSE
ALLOWED DISCOUNTS/DISCRETIONARY DISCOUNTS OVER AND ABOVE APPROVED STRUCTURE
DELAY IN APPOINTMENT OF SURVEYORS
DID NOT FOLLOW UP WITH SURVEYORS ON TIMELY SUBMISSION OF REPORT
DELAY IN SETTLEMENT OF CLAIMS AFTER RECEIPT OF SURVEY REPORT
|
IMPOSED PENALTY RS.15,00,000
11-MAR-2016
|
|
| 9 |
|
|
TATA AIG GENERAL INSURANCE CO.LTD.
|
|
|
ENTERED INTO ADDITIONAL RELATIONSHIP WITH CORPORATE AGENTS AND INDIVIDUAL AGENTS AND MADE ADDITIONAL PAYOUTS
SOLICITED BUSINESS THROUGH OTHER THAN LICENSED ENTITIES IN NAME OF RETAINERS/FIELD USERS ETC.
ALLOWED CORPORATE AGENT TO SOLICIT BUSINESS EVEN WITHOUT CHIEF INSURANCE EXECUTIVE (CIE)/SPECIFIED PERSON (SP) WITH CORPORATE AGENT AND ALSO ALLOWED TO SOLICIT BUSINESS ON PAN INDIA BASIS WITH A SINGLE SP ONLY
TERMS OF THE TRIPARTITE AGREEMENT ENTERED WAS AGAINST VARIOUS DIRECTIVES/INSTRUCTIONS/GUIDELINES & ACT PROVISIONS
|
IMPOSED PENALTY RS.20,00,000
17-APR-2017
|
|
| 10 |
|
|
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
|
|
| 11 |
|
|
UNIVERSAL SOMPO GENERAL INSURANCE CO.LTD.
|
|
|
PAID BROKERAGE UNDER ACCOUNTING HEAD “PROFESSIONAL FEES” INSTEAD OF “INSURANCE COMMISSION”
MADE PAYMENTS TO ENTITIES BY ENTERING INTO FRESH AGREEMENTS BEFORE GETTING APPROVAL FROM IRDA
PROCURED BUSINESS FROM CORPORATE AGENTS’ INSPITE OF NOT HAVING SINGLE SPECIFIED PERSON LICENSED TO SOLICIT GENERAL INSURANCE BUSINESS
ACCEPTED INSURANCE BUSINESS FROM INDIVIDUAL REFERRAL AGENTS WHO DO NOT HOLD VALID LICENSE TO SOLICIT AND PROCURE INSURANCE BUSINESS
PAID MOTOR DEALERS UNDER THREE DIFFERENT ACCOUNT HEADS “PAYMENTS OF CONTRACTORS & SUB-CONTRACTORS, FEES FOR PROFESSIONAL OR TECHNICAL SERVICES AND INSURANCE COMMISSION”
MADE CHANGES TO TARIFF WORDINGS WITHOUT FILING AND TAKING APPROVAL FROM IRDA
|
IMPOSED PENALTY RS.15,00,000
07-JAN-2016
|
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
