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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): VIOLATED INSURANCE ACT, 1938

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person AXIS BANK LTD.  
  MADE UNDUE PROFITS/GAINS FROM PURCHASE AND SALE OF EQUITY SHARES OF MAX LIFE INSURANCE CO.LTD.

DID NOT ADHERE TO DIRECTIONS ISSUED BY IRDAI ON TRANSACTION OF ACQUISITION OF SHARES OF MAX LIFE INSURANCE CO.LTD.   		IMPOSED PENALTY RS.2,00,00,000

13-OCT-2022 		 
2
History of entity/person CORPORATION BANK  
  DID NOT MAINTAIN RECORDS CAPTURING THE DETAILS OF SPECIFIED PERSONS ALONG WITH RESPECTIVE INSURANCE POLICIES

DID NOT CAPTURE THE IDENTITY (NAME, CODE AND/OR SIGNATURE) OF SPECIFIED PERSONS WHO HAD PROCURED THAT POLICY

PROCURED BUSINESS WITHOUT VALID CERTIFICATE, USING UNTRAINED PERSONS FOR SOLICITATION ETC.

CHARGED AND DEBITED AMOUNT AS BANK CHARGES FROM THE ACCOUNTS OF POLICYHOLDERS AT A SPECIFIC RATE VARYING BY SUM ASSURED

DELAY IN DEPOSITING INSURANCE PREMIUM WITH INSURER   		IMPOSED PENALTY RS.46,00,000

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

06-AUG-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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