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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: VIOLATION OF IRDAI (OBLIGATION OF INSURER IN RESPECT OF MOTOR THIRD PARTY INSURANCE BUSINESS) REGULATIONS, 2015

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person BHARTI AXA GENERAL INSURANCE CO.LTD.  
  DID NOT ADHERE TO MINIMUM OBLIGATIONS UNDER MOTOR THIRD PARTY BUSINESS VIOLATING IRDAI (OBLIGATION OF INSURER IN RESPECT OF MOTOR THIRD PARTY INSURANCE BUSINESS) REGULATIONS, 2015   IMPOSED PENALTY RS.10,00,000

30-DEC-2020 		 
2
History of entity/person SBI GENERAL INSURANCE CO.LTD.  
  DID NOT ADHERE TO MINIMUM OBLIGATIONS UNDER MOTOR THIRD PARTY BUSINESS VIOLATING IRDAI (OBLIGATION OF INSURER IN RESPECT OF MOTOR THIRD PARTY INSURANCE BUSINESS) REGULATIONS, 2015   IMPOSED PENALTY RS.25,00,000

09-APR-2021 		 
3
History of entity/person SBI GENERAL INSURANCE CO.LTD.  
  DID NOT ADHERE TO MINIMUM OBLIGATIONS UNDER MOTOR THIRD PARTY BUSINESS VIOLATING IRDAI (OBLIGATION OF INSURER IN RESPECT OF MOTOR THIRD PARTY INSURANCE BUSINESS) REGULATIONS, 2015   IMPOSED PENALTY RS.30,00,000

05-MAY-2021 		 
4
History of entity/person UNIVERSAL SOMPO GENERAL INSURANCE CO.LTD.  
  DID NOT ADHERE TO MINIMUM OBLIGATIONS UNDER MOTOR THIRD PARTY BUSINESS VIOLATING IRDAI (OBLIGATION OF INSURER IN RESPECT OF MOTOR THIRD PARTY INSURANCE BUSINESS) REGULATIONS, 2015   IMPOSED PENALTY RS.25,00,000

05-MAY-2021 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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