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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 IRDA (REGISTRATION OF INSURANCE COMPANIES) REGULATIONS, 2000

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person FUTURE GENERALI INDIA LIFE INSURANCE CO.LTD.  
  PURCHASED GIFT VOUCHERS FROM ONE OF THE GROUP COMPANIES AND DISTRIBUTED IN THE NAME OF BRAND BUILDING ACTIVITY AND RECRUITMENT DRIVE OF POTENTIAL ADVISORS VIOLATING REGULATION 23 (F) OF IRDA (REGISTRATION OF INSURANCE COMPANIES) REGULATIONS, 2000

PROCURED BUSINESS THROUGH UNLICENSED ENTITIES

PAID COMMISSION TO PERSONS, WHICH WERE NOT LICENSED TO SOLICIT BUSINESS

ENGAGED IN SOLICITATION OF INSURANCE BUSINESS THROUGH MULTILEVEL MARKETING MODEL

ALLOWED AN INDIVIDUAL TO ATTEND DUBAI CONVENTION WHO WAS NEITHER TIED AS AGENT NOR APPOINTED AS A SPECIFIED PERSON BY ANY CORPORATE AGENT

DID NOT HAVE PROPER SYSTEM FOR ADMINISTRATION OF GROUP POLICIES   		IMPOSED PENALTY RS.50,00,000

10-JUN-2015 		 
2
History of entity/person 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 		 
3
History of entity/person RELIANCE GENERAL INSURANCE CO.LTD.  
  DID NOT MAKE DISCLOSURE OF INFORMATION RELATED TO RELIANCE CAPITAL LTD. (RCL) BEING SUBSIDIARY COMPANY OF RELIANCE INNOVENTURES PVT.LTD. VIOLATING REGULATION 2(G)(I) OF IRDA (REGISTRATION OF INSURANCE COMPANIES) REGULATIONS, 2000   IMPOSED PENALTY RS.5,00,000

10-SEP-2015 		 
4
History of entity/person RELIANCE LIFE INSURANCE CO.LTD.  
  DID NOT MAKE DISCLOSURE OF INFORMATION RELATED TO RELIANCE CAPITAL LTD. (RCL) BEING SUBSIDIARY COMPANY OF RELIANCE INNOVENTURES PVT.LTD. VIOLATING REGULATION 2(G)(I) OF IRDA (REGISTRATION OF INSURANCE COMPANIES) REGULATIONS, 2000   IMPOSED PENALTY RS.5,00,000

10-SEP-2015 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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