| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 1 |
|
ANAND RATHI INSURANCE BROKERS LTD.
|
|
|
PROVIDED CONSULTANCY FOR THE CLAIMS EXCEEDING RS.1.00 CRORE VIOLATING REGULATIONS 32(1)(A),32(1)(C) AND CLAUSE 7 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
APPOINTED CONSULTANT TO BRING IN BUSINESS VIOLATING CLAUSE 3(B) OF SCHEDULE VI-A UNDER REGULATION 28 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
DID NOT HAVE ADEQUATE INTERNAL CONTROLS VIOLATING REGULATIONS 31(1) AND 8(2) (XIV) OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
|
IMPOSED PENALTY RS.3,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
29-APR-2019
|
|
| 2 |
|
|
CENTCART INSURANCE BROKING SERVICES PVT.LTD.
|
|
|
DID NOT FILE THE CERTIFICATES DULY CERTIFIED BY AUDITOR
DID NOT SUBMIT PERIODICAL RETURNS AS PER FORMATS/RETURNS PRESCRIBED UNDER IRDAI BUSINESS ANALYTICAL PROJECT
SUBMITTED FALSE OR WRONG CERTIFICATION OR CONCEALMENT OF FACTS IN THE CERTIFICATES TO IRDAI
|
IMPOSED PENALTY RS.3,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
10-NOV-2023
|
|
| 3 |
|
|
CORPORATE RISKS INDIA INSURANCE BROKERS INDIA PVT.LTD.
|
|
|
SHARED MORE THAN 50% BROKERAGE WITH FOREIGN BROKER VIOLATING REGULATION 34(3) OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
07-AUG-2017
|
|
| 4 |
|
|
D2C INSURANCE BROKING PVT.LTD.
|
|
|
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
|
IMPOSED PENALTY RS.1,00,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
29-JUN-2021
|
|
| 5 |
|
|
HDFC STANDARD LIFE INSURANCE CO.LTD.
|
|
|
CHANGED TERMS & CONDITIONS OF APPROVED VERSIONS OF PRODUCTS WITHOUT PRIOR APPROVAL FROM IRDA
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
03-SEP-2013
|
|
| 6 |
|
|
IFFCO-TOKIO GENERAL INSURANCE CO.LTD.
|
|
|
DELAY IN SUBMISSION OF QUARTERLY AND HALF YEARLY RETURNS
SUBMITTED WRONG INFORMATION OF INCURRED CLAIMS RATIO (ICR) UNDER DIFFERENT LINES OF HEALTH INSURANCE BUSINESS
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
DIRECTED TO PUT IN PLACE NECESSARY SYSTEMS TO FURNISH CORRECT DATA AND ADHERE TO REGULATORY PROVISIONS
04-JUN-2020
|
|
| 7 |
|
|
LAMBACH INSURANCE BROKERS PVT.LTD.
|
|
|
PROVIDED MISLEADING INFORMATION ON WEBSITE
DID NOT MAKE DISCLOSURE OF OPENING OF NEW BRANCH OFFICE
DID NOT INFORM IRDA ABOUT AMENDMENT IN MEMORANDUM OF ASSOCIATION (MOA)
DELAY IN PAYMENT OF ANNUAL FEES
BUSINESS EMANATED BY WELSPUN GROUP ABOVE STIPULATED LIMIT
POLICY SCHEDULE AND CONDITIONS ATTACHED TO POLICY HAD THREE DIFFERENT COMPULSORY EXCESS
AGREEMENTS EXECUTED ON INAPPROPRIATE STAMP PAPERS AND DID NOT BEAR ANY NAME AND SIGNATURE OF WITNESS
EMPLOYED AGENT ON ITS ROLL
PAID FEES WITHOUT ANY SERVICE AGREEMENT AND ANY SUPPORTING DOCUMENTS TO SUBSTANTIATE SERVICES PROVIDED BY VENDORS
|
IMPOSED PENALTY RS.15,20,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
06-FEB-2015
|
|
| 8 |
|
|
REGAL INSURANCE BROKERS & RISK MANAGEMENT SERVICES PVT.LTD.
|
|
|
ENTERED INTO AGREEMENT WITH VISHDEVA LEASING & INVESTMENTS PVT.LTD. TO PROVIDE CERTAIN SERVICES TO ITS CLIENTS ON ITS BEHALF VIOLATING CLAUSE 3(B) OF SCHEDULE VIA OF REGULATION 28 OF IRDA (BROKERS) REGULATIONS, 2013
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
07-AUG-2017
|
|
| 9 |
|
|
RELIANCE NIPPON LIFE INSURANCE CO.LTD.
|
|
|
DID NOT FURNISH CERTIFICATE FROM APPOINTED ACTUARY NOR DEMONSTRATED THAT THE INTEREST OF POLICYHOLDERS WAS NOT AFFECTED DUE TO EXCESS OF EXPENSES OVER PRESCRIBED LIMITS VIOLATING SECTION 64K(2) OF THE INSURANCE ACT,1938
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
16-JUL-2019
|
|
| 10 |
|
|
SAFERISK INSURANCE BROKERS PVT.LTD.
|
|
|
INVOLVED UNLICENSED ENTITIES/PERSONS IN SOLICITATION OF BUSINESS
|
IMPOSED PENALTY RS.3,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
31-AUG-2021
|
|
| 11 |
|
|
SAFEWAY INSURANCE BROKERS PVT.LTD.
|
|
|
DID NOT FURNISH REQUIRED INFORMATION/DOCUMENTS TO IRDA
DELAY IN SUBMISSION OF QUARTERLY AND HALF YEARLY RETURNS
DID NOT HAVE PROPER LEASE AGREEMENT FOR ITS FUNCTIONING VIOLATING CLAUSE 2(II) OF REGULATION 8 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
UTILIZED SERVICES OF EMPLOYEES FOR SOLICITATION FROM ITS OFFICES AND BRANCHES, WHO HAVE NOT COMPLETED THEIR RENEWAL TRAINING VIOLATING CLAUSE 2(III) AND 2(XIV) OF REGULATION 8 READ WITH PROVISIONS OF SCHEDULE II UNDER REGULATION 8 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
DID NOT UTILIZE SERVICES OF AGENTS AND CANVASSERS VIOLATING CLAUSE 3(B) OF SCHEDULE VI-A UNDER REGULATION 28 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
PROFESSIONAL INDEMNITY POLICY WAS NOT IN LINE WITH THE REGULATORY REQUIREMENTS VIOLATING CLAUSE 2(A) OF SCHEDULE III READ WITH REGULATION 13 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
DID NOT SUBMIT CERTIFICATE FROM STATUTORY AUDITORS VIOLATING CLAUSE 6 OF REGULATION 29 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
|
IMPOSED PENALTY RS.11,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
04-OCT-2021
|
|
| 12 |
|
|
SBI LIFE INSURANCE CO.LTD.
|
|
|
VIOLATED DIRECTIVES/INSTRUCTIONS/GUIDELINES OF IRDA ON ADVERTISEMENTS
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
17-DEC-2013
|
|
| 13 |
|
|
SUSHIL INSURANCE BROKERS PVT.LTD.
|
|
|
DID NOT USE ANY SOFTWARE FOR OPERATIONS AS PRESENTED TO IRDA AT TIME OF APPLICATION FOR GRANT OF LICENSE
ENGAGED SERVICES OF EMPLOYEES OTHER THAN QUALIFIED PERSONS IN SOLICIATION OF INSURANCE BUSINESS
DELAY IN PAYMENT OF ANNUAL FEES
DID NOT OBTAIN WRITTEN MANDATE FROM CLIENT AND DEVELOPED TERMS ON THE BASIS OF INFORMATION PROVIDED BY THE CLIENT
DID NOT RE-FILE ADVERTISEMENTS AND CONTINUED TO USE SAID ADVERTISEMENTS
MAINTAINED BOOKS OF ACCOUNTS ON COMMON ACCOUNTING SOFTWARE PLATFORM USED BY SUSHIL FINANCE LTD.
DID NOT ADHERE TO REQUIREMENTS OF RECRUITMENT OF QUALIFIED EMPLOYEES
|
IMPOSED PENALTY RS.5,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
16-FEB-2015
|
|
| 14 |
|
|
TATA AIA LIFE INSURANCE CO.LTD.
|
|
|
DID NOT MAKE DISCLOSURE OF COMPLETE INFORMATION ON STATUS OF REFERRAL ARRANGEMENT
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
DIRECTED TO PUT IN PLACE EFFECTIVE PROCEDURE FOR COMPLYING WITH IRDA (SHARING OF DATA BASE FOR DISTRIBUTION OF INSURANCE PRODUCTS) REGULATIONS, 2010
18-DEC-2013
|
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
