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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: DEFAULTED IN CANCELLATION OF POLICIES UNDER FREE LOOK OPTION

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person INDIA INFOLINE INSURANCE BROKERS LTD.  
  HIGH NUMBER OF INSURANCE POLICIES CANCELLED DURING FREE LOOK PERIOD

PROVIDED FREE INSURANCE COVERAGE AS AN INDUCEMENT

EMPLOYED UNTRAINED AUTHORISED VERIFIERS FOR SOLICITING OR SALE OVER DISTANCE MODE

DID NOT DEPOSIT ANNUAL FEES IN STIPULATED TIME

PROFESSIONAL INDEMNITY POLICY NOT AS PER TERMS LAID DOWN IN REGULATION 24   		IMPOSED PENALTY RS.35,30,000

18-NOV-2013 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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