| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 1 |
|
BAJAJ ALLIANZ LIFE INSURANCE CO.LTD.
|
|
|
ENROLLED NEW MEMBERS INTO EXISTING GROUP SCHEME VIOLATING PROVISIONS
|
IMPOSED PENALTY RS.5,00,000
12-JUL-2012
|
|
| 2 |
|
|
BHARTI AXA LIFE INSURANCE CO.LTD.
|
|
|
PAID AMOUNTS TO GROUP POLICYHOLDERS IN THE NAME OF “MARKET RESEARCH”, “SALES TRAINING” AND “DISPLAY OF PUBLICITY MATERIAL” ETC VIOLATING CLAUSES B-2 AND C-4 OF GROUP INSURANCE DIRECTIVES/INSTRUCTIONS/GUIDELINES AND CIRCULAR NO.015/IRDA/LIFE/CIRCULAR/GI DIRECTIVES/INSTRUCTIONS/GUIDELINES/2005 DATED 14/07/2005
|
IMPOSED PENALTY RS.5,00,000
12-APR-2016
|
|
| 3 |
|
|
FUTURE GENERALI INDIA INSURANCE CO.LTD.
|
|
|
MADE PAYMENTS TO INTERMEDIARIES (BROKERS) UNDER ACCOUNTING HEADS SUCH AS SUPPORT SERVICES,CONSULTANCY ETC.
ENGAGED UNLICENSED INDIVIDUALS/ENTITIES/MOTOR DEALERS/TRAVEL AGENTS/COOPERATIVE BANKS TO SOLICIT INSURANCE BUSINESS AND REMUNERATION WAS PAID IN NAME OF "REIMBURSEMENT OF SUPPORT SERVICES", "CONSULTANCY FEE"
ALLOWED INDIVIDUALS TO SOLICIT INSURANCE BUSINESS WITHOUT HOLDING VALID LICENSE
REFERRAL PARTNERS ENGAGED BY THE INSURER WERE INVOLVED IN SOLICITATION OF INSURANCE AND THE INSURER ISSUED POLICIES TO THE INSURED MENTIONING THE NAME OF THE REFERRAL PARTNER AS "INTERMEDIARY" ON POLICY SCHEDULE
ALLOWED DISCOUNTS ON PREMIUM IN EXCESS OF MAXIMUM DISCOUNT FILED UNDER FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
OFFERED CRITICAL ILLNESS COVER TO MASTER POLICYHOLDER UNDER GROUP HEALTH POLICY BUT TERMS & CONDITIONS UNDER CRITICAL ILLNESS COVER WERE NOT AS PER PRODUCT FILED WITH IRDAI UNDER FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
MADE PAYMENT TO VARIOUS POLICY HOLDERS IN NAME OF SUPPORT CHARGES VIOLATING OF CLAUSE C(4) OF GROUP INSURANCE DIRECTIVES/INSTRUCTIONS/GUIDELINES, 2005
|
IMPOSED PENALTY RS.35,00,000
16-MAY-2016
|
|
| 4 |
|
|
FUTURE GENERALI INDIA LIFE INSURANCE CO.LTD.
|
|
|
ACCEPTED RENEWAL PREMIUM IN CASH BEYOND RS.50,000.00 WITHOUT OBTAINING PAN/FORM60/61
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
22-MAY-2024
|
|
| 5 |
|
|
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
|
|
| 6 |
|
|
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
|
|
| 7 |
|
|
INDIAFIRST LIFE INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO CIRCULAR ISSUED BY IRDA
CREATED DUMMY CODES IN NEW BUSINESS PROCESSING/POLICY ADMINISTRATION SYSTWEMS AND COMMISSION PAID TO RESPECTIVES CORPORATE AGENTS
FLOATED VARIOUS SALES CAMPAIGNS TO THE EMPLOYEES OF CORPORATE AGENTS IN THE NATURE OF "GIFT CARDS", "ONLINE REDEMPTION POINTS" AND “FOREIGN TRIPS" VIOLATING SECTION 40(1) & 40A OF INSURANCE ACT, 1938
PAID AMOUNT OTHER THAN PERMITTED AGENCY COMMISSION TO CORPORATE AGENT
MADE PAYMENT OF DEATH CLAIM PROCEEDS TO MASTER POLICYHOLDER VIOLATING OF CLAUSE C-7 OF GROUP INSURANCE DIRECTIVES/INSTRUCTIONS/GUIDELINES, 2005
LAUNCHED POLICIES WHICH WERE NOT APPROVED BY IRDA VIOLATING FILE AND USE DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY IRDA
DID NOT OBTAIN CERTIFICATE AT THE END OF THE MEMBERSHIP FORM FROM PROSPECT VIOLATING REGULATION 3(4) & 4(2) OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.65,00,000
26-MAY-2015
|
|
| 8 |
|
|
KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LTD.
|
|
|
CONSIDERABLE DELAY IN PROCESSING AND SETTLEMENT OF DEATH CLAIMS
PAID CLAIM CHEQUES TO MASTER POLICY HOLDER
WAIVED PORTION OF TOTAL PREMIUM WHEN POLICY ACCEPTED WITH EXTRA
WAIVED SURRENDER CHARGES PARTIALLY OR FULLY
ALLOWED SURRENDERS WITHIN THREE YEARS
WAIVED SURRENDER PENALTY
SURRENDERED MWP POLICIES
SOLD OTHER THAN TERM POLICIES (UNIT LINKED POLICIES) IN KEY-MAN INSURANCE POLICIES
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
30-OCT-2008
|
|
| 9 |
|
|
METLIFE-INDIA INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
DEFAULTED IN REFERRAL AGREEMENTS
DID NOT ADHERE TO OBLIGATIONS TOWARDS RURAL SECTOR IN 2008-09
DID NOT HOST INVESTMENT AND ACCOUNTING SERVERS IN INDIA
DID NOT SEND FUND STATEMENTS TO ULIP POLICYHOLDERS
DID NOT PUT IN PLACE MECHANISM REQUIRED FOR APPROPRIATE VALUATION OF ASSETS AND ARRIVING AT “AVAILABLE SOLVENCY MARGIN”
ENGAGED SERVICES OF INDIVIDUALS AND CORPORATES ON ”EXCLUSIVE BASIS” AS CONSULTANTS TO IDENTIFY,RECRUIT,TRAIN,MENTOR AND DEVELOP FINANCIAL ADVISORS
SETTLED DEATH BENEFITS TO GROUP MASTER POLICYHOLDER IN NON-EMPLOYER-EMPLOYEES CASES IN GROUP TERM INSURANCE POLICIES
|
IMPOSED PENALTY RS.76,00,000
05-OCT-2012
|
|
| 10 |
|
|
ORIENTAL INSURANCE CO.LTD.,THE
|
|
|
DID NOT FOLLOW RATING & DISCOUNTS STRUCTURE FILED WITH IRDA
SOURCED BUSINESS THROUGH MULTI LEVEL MARKETING THROUGH PERSONS WHO DID NOT POSSESS ANY CERTIFICATE/LICENSE
PAID APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION/REMUNERATION TO CORPOARTE AGENTS
REIMBURSED CLAIM PAYMENTS TO GROUP ORGANIZER
PAID VARIOUS CLAIMS TO INSURED PERSONS DUE TO DELAY IN PAYMENT BY TPA/OIC
|
IMPOSED PENALTY RS.20,00,000
08-FEB-2016
|
|
| 11 |
|
|
SBI LIFE INSURANCE CO.LTD.
|
|
|
PAID CLAIM CHEQUES TO MASTER POLICY HOLDER
SOLD TWO YEAR POLICIES AS SINGLE PREMIUM POLICY AND DID NOT GIVE INFORMED CHOICE TO MEMBERS OF GROUP INSURANCE POLICIES VIOLATING FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
PAID EXCESS COMMISSION TO CORPORATE AGENTS OVER AND ABOVE THE ELIGIBLE 2% COMMISSION ON SINGLE INSURANCE POLICIES
|
IMPOSED PENALTY RS.6,00,000
18-SEP-2012
|
|
| 12 |
|
|
SHRIRAM LIFE INSURANCE CO.LTD.
|
|
|
SETTLED DEATH CLAIMS IN FAVOUR OF GROUP MASTER POLICYHOLDER
DID NOT OBTAIN CONFIRMATION OF RECEIPT OF CLAIM PAYMENT FROM THE BENEFICIARIES
AUTOMATED SETTLEMENT OPTION (WITHOUT OPTION/CONSENT BY POLICY HOLDER) ON MATURITY DATE, IF POLICYHOLDER DOES NOT REVERT FOR THE COMMUNICATION SENT
SETTLED DEATH CLAIMS IN FAVOUR OF MASTER POLICYHOLDERS UNDER NON-EMPLOYER/EMPLOYEE GROUP POLICIES
|
IMPOSED PENALTY RS.6,00,000
17-OCT-2016
|
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
