| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 1 |
|
ALLIED INSURANCE BROKERS PVT.LTD.
|
|
|
DID NOT MAINTAIN SYSTEM OF INTERNAL CONTROLS AND INTERNAL AUDIT
DID NOT RENEW PROFESSIONAL INDEMNITY INSURANCE POLICY IMMEDIATELY AFTER THE EXPIRY OF THE POLICY
DID NOT MAKE DISCLOSURE OF PROPOSED TRANSFER OF SHAREHOLDING TO IRDA
DID NOT APPOINT PRINCIPAL OFFICER
VIOLATED IRDA REGULATION 20 OF REGULATIONS, 2002 BY EXCEEDING THE LIMIT OF BUSINESS SOURCED FROM SINGLE CLIENT
|
REJECTED APPLICATION FILED FOR RENEWAL OF LICENSE AS INSURANCE BROKER
CEASED TO ACT AS INSURANCE BROKER
13-JAN-2014
|
|
| 2 |
|
|
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
|
| 3 |
|
|
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
|
|
| 4 |
|
|
JEEVAN SURAKSHA INSURANCE BROKING SERVICES PVT.LTD.
|
|
|
ENGAGED SERVICE PROVIDERS FOR SOLICITING AND PROCURING BUSINESS AND OPENING OFFICES FOR LEAD GENERATION
EMPLOYED CANVASSERS FOR LEAD GENERATION AND PROCURING BUSINESS
DID NOT DISCLOSE MATERIAL FACTS IN APPLICATION SUBMITTED TO OBTAIN LICENCE
|
SUSPENDED LICENSE AS INSURANCE BROKER
06-JUL-2011
|
|
| 5 |
|
|
JEEVAN SURAKSHA INSURANCE BROKING SERVICES PVT.LTD.
|
|
|
ENGAGED SERVICE PROVIDERS FOR SOLICITING AND PROCURING BUSINESS AND OPENING OFFICES FOR LEAD GENERATION
EMPLOYED CANVASSERS FOR LEAD GENERATION AND PROCURING BUSINESS
DID NOT DISCLOSE MATERIAL FACTS IN APPLICATION SUBMITTED TO OBTAIN LICENCE
|
CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE BROKER
06-MAR-2013
|
|
| 6 |
|
|
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
|
|
| 7 |
|
|
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
|
|
| 8 |
|
|
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
|
|
| 9 |
|
|
SHRIRAM GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT TAKE PRIOR APPROVAL FROM IRDA FOR CHANGE IN SHAREHOLDING PATTERN
|
IMPOSED PENALTY RS.5,00,000
11-JUL-2014
|
|
| 10 |
|
|
SHRIRAM LIFE INSURANCE CO.LTD.
|
|
|
DID NOT TAKE PRIOR APPROVAL FROM IRDA FOR CHANGE IN SHAREHOLDING PATTERN
|
IMPOSED PENALTY RS.5,00,000
11-JUL-2014
|
|
| 11 |
|
|
UNITED INDIA INSURANCE CO.LTD.
|
|
|
MISLED IRDA BY STATING THAT POLICY WORDING WERE AS PER FILED PRODUCT IN YEAR 2006
MISLED IRDA BY STATING THAT REASONS FOR CANCELLATION WERE NON DISCLOSURE OF CORRECT INFORMATION OF CLAIM EXPERIENCE AT THE TIME OF INSURANCE
MISLED IRDA BY STATING THAT POLICY WAS CANCELLED AS PER CANCELLATION CLAUSE INSPITE OF THE FACT THAT CLAUSE WAS REVISED WITHOUT FILING AND TAKING APPROVAL OF IRDA
DELAY IN SENDING DISCHARGE VOUCHER TO INSURED
|
IMPOSED PENALTY RS.5,00,000
28-JUL-2014
|
|
| 12 |
|
|
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. |
