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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 BROKER: REJECTED APPLICATION FOR RENEWAL OF COMPOSITE BROKING LICENSE

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person ATHENA INSURANCE & REINSURANCE BROKERS PVT.LTD.  
  DID NOT DISCLOSE MATERIAL FACTS IN APPLICATION SUBMITTED TO OBTAIN LICENCE

DID NOT RECOVER PREMIUMS PAID ON BEHALF OF CLIENT AND WRITTEN OFF AS BAD DEBTS

DID NOT HAVE ADEQUATE INTERNAL CONTROLS AND SYSTEMS   		REJECTED APPLICATION FOR RENEWAL OF COMPOSITE BROKING LICENSE

08-JUL-2011 		IRDA VIDE ITS ORDER DATED 17/11/2011 ORDERED TO RENEW COMPOSITE BROKING LICENSE FOR FURTHER PERIOD OF THREE YEARS WITH EFFECT FROM 09/06/2009 ON COLLECTION OF FINE OF RS.5 LACS  
2
History of entity/person ATHENA INSURANCE & REINSURANCE BROKERS PVT.LTD.  
  CARRIED ON INSURANCE BUSINESS WITHOUT OBTAINING LICENSE UNDER INSURANCE ACT AND IRDA ACT   REJECTED APPLICATION FOR RENEWAL OF COMPOSITE BROKING LICENSE

08-OCT-2013 		IRDA VIDE ITS ORDER DATED 25/09/2014 AGAIN REJECTED THE REQUEST FOR RENEWAL OF LICENSE TO ACT AS A COMPOSITE BROKERS

IRDA VIDE ITS ORDER DATED 01/01/2014 REJECTED THE APPEAL FILED FOR RENEWAL OF LICENSE  
3
History of entity/person HERITAGE INSURANCE BROKERS PVT.LTD.  
  MISUSED FUNDS OF “INSURANCE BANK ACCOUNT” BY INVESTING IN MUTUAL FUNDS   REJECTED APPLICATION FOR RENEWAL OF COMPOSITE BROKING LICENSE

05-OCT-2012 		 
4
History of entity/person WILLIS INDIA INSURANCE BROKERS PVT.LTD.  
  DID NOT DISCLOSE MATERIAL FACTS RELATING TO INDIAN MAJOR PROMOTER

PRINCIPAL OFFICER INVOLVED IN SETTLEMENT OF DISPUTE WITH ECGC BY REPRESENTING BACSPL   		REJECTED APPLICATION FOR RENEWAL OF COMPOSITE BROKING LICENSE

01-SEP-2010 		APPLICATION FOR RENEWAL OF APPLICATION FOR COMPOSITE BROKER LICENSE AGAIN REJECTED VIDE ORDER DATED 04/04/2011

APPLICATION FOR RENEWAL OF APPLICATION FOR COMPOSITE BROKER LICENSE AGAIN REJECTED VIDE ORDER DATED 26/11/2010  
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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