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SOURCE OF INFORMATION : INSURANCE REGULATORY & DEVELOPMENT AUTHORITY OF INDIA WEBSITE
UPDATED TILL : 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 AGENT (CORPORATE): PERMITTED VARIOUS UNLICENSED INDIVIDUALS/CORPORATES TO SOLICIT AND PROCURE BUSINESS

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person ANGEL FINANCIAL ADVISORS PVT.LTD.  
  PROCURED BUSINESS THROUGH UNLICENSED ENTITIES

PROCURED BUSINESS THROUGH OTHER THAN “SPECIFIED PERSONS” VIOLATING CLAUSE 3(II)(A) AND 3(II)(M) OF SCHEDULE 3 UNDER REGULATION 26 OF IRDAI (REGISTRATION OF CORPORATE AGENT) REGULATIONS, 2015

DID NOT HAVE PROFESSIONAL INDEMNITY POLICY WITH INDEMNITY CLAUSE AND GENERAL CONDITIONS NOT IN LINE WITH PRESCRIBED REGULATION VIOLATING CLAUSE 1(D) OF SCHEDULE II UNDER REGULATION 19(3) OF IRDAI (REGISTRATION OF CORPORATE AGENTS) REGULATIONS, 2015

HAVE PROFESSIONAL INDEMNITY POLICY WITH RETROACTIVE DATE VIOLATING CLAUSE 2(A) OF SCHEDULE II UNDER REGULATION 19 OF IRDAI (REGISTRATION OF CORPORATE AGENTS) REGULATIONS, 2015

COMPELLED BUYER OF THE OTHER PRODUCT TO NECESSARILY BUY INSURANCE PRODUCT VIOLATING PARA 16 OF IRDA CIRCULAR NO.017/IRDA/CIRCULAR/CA GUIDELINES/2005 DATED 14/07/2005 (GUIDELINES ON LICENSING OF CORPORATE AGENTS), 2005 READ WITH CLAUSE 3(II)(A) OF CODE OF CONDUCT UNDER REGULATION 26 OF IRDAI (REGISTRATION OF CORPORATE AGENTS) REGULATIONS, 2015   		IMPOSED PENALTY RS.27,00,000

CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.

20-DEC-2021 		 
2
History of entity/person BLOOMING LIFE SOCIAL ORGANISATION  
  PERMITTED VARIOUS UNLICENSED INDIVIDUALS AND CORPORATES TO SOLICIT AND PROCURE BUSINESS

DID NOT MAINTAIN PROPER EMPLOYEE’S RECORDS

SISTER CONCERN OF COMPANY ENGAGED IN SOLICITING & PROCURING INSURANCE BUSINESS

OBTAINED SECOND CORPORATE AGENCY LICENSE IN NAME OF SISTER CONCERNS WITHOUT DISCLOSING FACT

DID NOT HAVE PROPER INFRASTRUCTURE REQUIRED FOR PROCUREMENT OF INSURANCE BUSINESS

DID NOT HAVE ANY OTHER BUSINESS EXCEPT DISTRIBUTION OF INSURANCE PRODUCTS   		CANCELLED LICENSE AS CORPORATE AGENT

25-SEP-2012 		 
3
History of entity/person METIS MARKETING SERVICES LTD.  
  INVOLVED UNLICENSED ENTITIES/PERSONS IN SOLICITATION OF BUSINESS   IMPOSED PENALTY RS.5,00,000

11-NOV-2020 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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