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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 REGULATION 19 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2002

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person 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 		 
2
History of entity/person IDBI FEDERAL LIFE INSURANCE CO.LTD.  
  MADE PAYMENT OF DEATH CLAIM PROCEEDS TO MASTER POLICYHOLDER VIOLATING OF CLAUSE C-7 OF GROUP INSURANCE DIRECTIVES/INSTRUCTIONS/GUIDELINES, 2005

FLOATED VARIOUS CONTESTS TO INSURANCE BROKERS & EMPLOYEES OF BROKERS AND REWARED OVER & ABOVE COMMISSION/BROKERAGE   		IMPOSED PENALTY RS.16,00,000

04-NOV-2015 		 
3
History of entity/person LIFE & GENERAL INSURANCE & REINSURANCE BROKERS PVT.LTD.  
  ACCEPTED APPOINTMENT BY ANOTHER BROKER WITHOUT PROPER MANDATE BY THE CLIENT

DID NOT MAKE DISCLOSURE OF COURT CASES IN RENEWAL APPLICATION

SOLICITED INSURANCE BUSINESS BEFORE THE DATE OF LICENSE

PROVIDED CLAIM CONSULTANCY BEYOND RS.1 CRORE VIOLATING CLAUSE 3(I) AND 3(III) OF IRDA CIRCULAR IRDA/BRK/CIR/GLD/270/12/2011 DATED 07/12/2011   		CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.

DIRECTED TO ABSTAIN FROM ACCEPTING APPOINTMENT BY ANOTHER BROKER WITHOUT PROPER MANDATE BY CLIENT

24-APR-2017 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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