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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 IRDAI (NON-LINKED INSURANCE PRODUCTS) REGULATIONS, 2013

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person INDIAFIRST LIFE INSURANCE CO.LTD.  
  DID NOT MAINTAIN SHADOW ACCOUNT OF SUPERANNUATION FUND AND POLICY ACCOUNT VALUE ON THE WEBSITE VIOLATING IRDAI (NON-LINKED INSURANCE PRODUCTS) REGULATIONS, 2013

DID NOT CALCULATE RISK FOR REINSURANCE ON APPROXIMATE BASIS VIOLATING CLAUSE 6 OF CORPORATE GOVERNANCE DIRECTIVES/INSTRUCTIONS/GUIDELINES

RECOVERED SURRENDER CHARGES ON AUTO FORECLOSURE OF POLICIES

MAINTAINED SEPARATE SHAREHOLDERS’ FUND AND POOLED UNCLAIMED AMOUNTS OF POLICYHOLDERS INTO THIS ACCOUNT VIOLATING IRDA (PREPARATION OF FINANCIAL STATEMENTS AND AUDITORS REPORT OF INSURANCE COMPANIES) REGULATIONS, 2002

MAINTAINED SEPARATE SHAREHOLDERS’ FUND AND POOLED UNCLAIMED AMOUNTS OF POLICYHOLDERS INTO THIS ACCOUNT VIOLATING SECTIONS 10 & 11 OF INSURANCE ACT,1938   		CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.

05-MAY-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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