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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 (LINKED INSURANCE PRODUCTS) REGULATIONS, 2013

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

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