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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: COMMITTED BREACH OF CODE OF CONDUCT UNDER IRDA REGULATIONS

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person GOLDEN CORPORATE SERVICES  
  COMMITTED BREACH OF CODE OF CONDUCT UNDER IRDA REGULATIONS   DIRECTED TO SUSPEND ACTIVITIES AS CORPORATE AGENT

09-DEC-2004 		ORDER STAYED BY HIGH COURT  
2
History of entity/person GOLDEN MULTI SERVICES CLUB LTD.  
  COMMITTED BREACH OF CODE OF CONDUCT UNDER IRDA REGULATIONS   DIRECTED TO SUSPEND ACTIVITIES AS CORPORATE AGENT

09-DEC-2004 		ORDER STAYED BY HIGH COURT  
3
History of entity/person GOLDEN MULTI SERVICES PVT.LTD.  
  COMMITTED BREACH OF CODE OF CONDUCT UNDER IRDA REGULATIONS   DIRECTED TO SUSPEND ACTIVITIES AS CORPORATE AGENT

09-DEC-2004 		ORDER STAYED BY HIGH COURT  
4
History of entity/person GOLDEN TRUST FINANCIAL SERVICES  
  COMMITTED BREACH OF CODE OF CONDUCT UNDER IRDA REGULATIONS   DIRECTED TO SUSPEND ACTIVITIES AS CORPORATE AGENT

09-DEC-2004 		ORDER STAYED BY HIGH COURT  
5
History of entity/person GOLDEN TRUST MULTI SERVICES  
  COMMITTED BREACH OF CODE OF CONDUCT UNDER IRDA REGULATIONS   DIRECTED TO SUSPEND ACTIVITIES AS CORPORATE AGENT

09-DEC-2004 		ORDER STAYED BY HIGH COURT  
6
History of entity/person HINDUSTAN INSURANCE BROKERS LTD.  
  COMMITTED BREACH OF CODE OF CONDUCT UNDER IRDA REGULATIONS   CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE BROKER

29-DEC-2008 		 
7
History of entity/person MEGATOP INSURANCE BROKING LTD.  
  COMMITTED BREACH OF CODE OF CONDUCT UNDER IRDA REGULATIONS   SUSPENDED LICENSE AS INSURANCE BROKER

27-JAN-2009 		 
8
History of entity/person MF INSURANCE & REINSURANCE SERVICES  
  COMMITTED BREACH OF CODE OF CONDUCT UNDER IRDA REGULATIONS

COMMITTED SERIOUS IRREGULARITIES BY GIVING WRONG NAMES OF THE REINSURERS   		SUSPENDED LICENSE AS INSURANCE BROKER

09-FEB-2007 		INSURANCE BROKER EXPRESSED THEIR DECISION TO VOLUNTARY SURRENDER THEIR BROKERS LICENCE. AND IRDA SUBSEQUENTLY CANCELLED THE LICENCE.  
9
History of entity/person NETAMBIT INSURANCE BROKING INDIA LTD.  
  DID NOT DISCLOSE MATERIAL FACTS IN APPLICATION SUBMITTED TO OBTAIN LICENCE

DID NOT MAKE DISCLOSURE OF INFORMATION ON ACTIVITIES OF DIRECTORS, PROMOTERS GROUP ENTITIES IN APPLICATION FOR GRANT OF LICENSE AND SUBMITTED WRONG UNDERTAKING

COMMITTED BREACH OF CODE OF CONDUCT UNDER IRDA REGULATIONS

FILED FORGED AGREEMENTS TO AVAIL TELEMARKETING SERVICES

ENGAGED IN OFFERING AND CROSS SELLING OF VARIOUS PRODUCTS IN ADDITION TO INSURANCE PRODUCTS   		REJECTED APPLICATION FILED FOR RENEWAL OF LICENSE AS INSURANCE BROKER

CEASED TO ACT AS INSURANCE BROKER

03-OCT-2013 		 
10
History of entity/person PARAMOUNT INSURANCE BROKERS PVT.LTD.  
  DID NOT ADHERED TO THE CONDITIONS ON WHICH THE LICENCE WAS GRANTED

INDULGED IN INDUCEMENT IN CASH OR KIND TO THE CLIENT’S DIRECTORS AND THE PERSONS ACTING AS INTRODUCERS

DID NOT SUBMIT HALF YEARLY ACCOUNTS WITHIN STIPULATED TIME LIMIT

DID NOT MAINTAIN ADEQUATE LIMIT OF INDEMNITY IN PROFESSIONAL INDEMNITY POLICY

DID NOT MAINTAIN SYSTEM OF INTERNAL CONTROLS AND INTERNAL AUDIT

DID NOT MAINTAIN , PRESERVE AND PRODUCE BOOKS OF ACCOUNTS , RECORDS , VOUCHERS ETC.   		CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE BROKER

04-JUL-2007 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

This website is not comprehensive and is being updated on a regular basis. Users are requested to carefully look at the formats and the information about the coverage period that appears on search results pages.

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