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): DEFAULTED IN PAYMENT OF COMMISSION TO CORPORATE AGENTS

S.No.

ENTITY

PERSONS

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

1

History of entity/person

BARCLAYS INVESTMENTS & LOANS (INDIA) LTD.

RECEIVED PAYMENTS APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION AND/OR REMUNERATION FROM INSURANCE COMPANY

IMPOSED PENALTY RS.5,00,000

DIRECTED TO ABIDE BY RULES AND REGULATIONS ISSUED BY IRDA UNDER PROVISIONS OF THE INSURANCE ACT,1938

27-SEP-2013

2

History of entity/person

DARIUS FINVESTS

(Agent of ING VYSYA LIFE INSURANCE CO.LTD.)

RECEIVED PAYMENTS APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION AND/OR REMUNERATION FROM INSURANCE COMPANY

IMPOSED PENALTY RS.10,000

11-DEC-2013

3

History of entity/person

DESTIMONEY SECURITIES PVT.LTD.

(Agent of TATA AIA LIFE INSURANCE CO.LTD.)

RECEIVED PAYMENTS APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION AND/OR REMUNERATION FROM INSURANCE COMPANY

IMPOSED PENALTY RS.50,000

11-DEC-2013

4

History of entity/person

INDUSIND BANK LTD.

RECEIVED PAYMENTS APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION AND/OR REMUNERATION FROM INSURANCE COMPANY

IMPOSED PENALTY RS.5,00,000

28-JUN-2013

5

History of entity/person

KOTAK MAHINDRA BANK LTD.

PAID APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION/REMUNERATION TO CORPOARTE AGENTS

IMPOSED PENALTY RS.1,00,000

19-FEB-2018

6

History of entity/person

MANJRAK MARKETING

(Agent of ING VYSYA LIFE INSURANCE CO.LTD.)

RECEIVED PAYMENTS APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION AND/OR REMUNERATION FROM INSURANCE COMPANY

IMPOSED PENALTY RS.10,000

11-DEC-2013

7

History of entity/person

PUNJAB & SIND BANK

RECEIVED PAYMENTS APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION AND/OR REMUNERATION FROM INSURANCE COMPANY

IMPOSED PENALTY RS.5,00,000

ADVISED STRICTLY ADHERE TO PROVISIONS OF INSURANCE ACT, 1938

23-SEP-2013

The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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