| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 1 |
|
BAJAJ ALLIANZ LIFE INSURANCE CO.LTD.
|
|
|
ISSUED MASTER POLICIES WITH ZERO MEMBERSHIP OR WITH LESS THAN PRESCRIBED MINIMUM MEMBERSHIP OF 50
ISSUED CERTIFICATE BY MASTER POLICY HOLDER WITHOUT AUTHORIZATION BY LIFE INSURER
DEDUCTED MORTALITY CHARGES AGAINST TERMS & CONDITIONS OF POLICY CONTRACT
PURCHASED UNITS ON ARBITRARY DATES WHILE SETTLING MATURITY CLAIMS
UTILISED DOUBLE WHILE SETTLING DEATH CLAIMS AND FUND SWITCHES WERE NOT CARRIED OUT CORRECTLY
MADE CLAIM PAYMENTS UNDER GROUP POLICIES PERTAINING TO NON-EMPLOYER-EMPLOYEE GROUP POLICIES IN THE NAME OF GROUP MASTER POLICY HOLDER NOT IN NAME OF BENEFICIARY/CLAIMANT
REJECTED CERTAIN EARLY DEATH CLAIMS AS “UN-CONCLUDED CONTRACTS” WHERE LIFE ASSURED DIED AFTER DATE OF COMMENCEMENT OF RISK UNDER POLICY BUT BEFORE RECEIVING POLICY DOCUMENTS
ENTERED INTO REFERRAL ARRANGEMENTS WITH CERTAIN BANKS WHO WERE NOT LICENSED BY IRDA TO ACT AS CORPORATE AGENTS OR INSURANCE INTERMEDIAREIES
INVESTED IN DEBT INSTRUMENT OF A PRIVATE LIMITED COMPANY VIOLATING SECTION 27A (5) OF INSURANCE ACT, 1938
MADE EXTRA PAYMENTS TO RELATED PARTIES OF SOME INDIVIDUAL AGENTS AND CORPORATE AGENTS
|
IMPOSED PENALTY RS.3,10,00,000
21-AUG-2013
|
|
| 2 |
|
|
DLF PRAMERICA LIFE INSURANCE CO.LTD.
|
|
|
PAID APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION/REMUNERATION TO CORPOARTE AGENTS
|
IMPOSED PENALTY RS.1,00,000
11-DEC-2013
|
|
| 3 |
|
|
ICICI LOMBARD GENERAL INSURANCE CO.LTD.
|
|
|
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
PAID NET BROKERAGE HIGHER THAN GROSS BROKERAGE
ALLOWED 15% DISCOUNT FOR PML EXPOSURE WITHOUT FILING AND TAKING APPROVAL FROM IRDA AND RATES CHARGED WERE NOT AS PER RATES FILED WITH IRDA
CHANGED COVERAGE, WORDINGS AND PREMIUM WITHOUT FILING THE SAME WITH IRDA
USED PLAN NAME WHICH WAS FILED WITH IRDA
SUBMITTED INCOMPLETE & MISLEADING INFORMATION TO IRDA
SHOWED TWO DOCUMENTS FOR SAME POLICY HAVING DIFFERENT INSURED’S NAME, DIFFERENCE IN DEDUCTIBLE, SUM INSURED IN AUSTRALIAN DOLLARS IN ONE DOCUMENT AND INR IN ANOTHER DOCUMENT WITHOUT MENTION OF CONSIDERATION (PREMIUM)
LOSS ADJUSTER MENTIONED IN POLICY DOCUMENT WAS NOT IRDA LICENSED SURVEYOR
BOOKED BUSINESS AFTER EXPIRY OF CORPORATE AGENCY LICENSE
|
IMPOSED PENALTY RS.50,00,000
17-OCT-2014
|
|
| 4 |
|
|
ING VYSYA LIFE INSURANCE CO.LTD.
|
|
|
PAID APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION/REMUNERATION TO CORPOARTE AGENTS
|
IMPOSED PENALTY RS.1,00,000
11-DEC-2013
|
|
| 5 |
|
|
RDB INSURANCE BROKING SERVICES PVT.LTD.
|
|
|
PAID APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION/REMUNERATION TO CORPOARTE AGENTS
|
IMPOSED PENALTY RS.25,000
11-DEC-2013
|
|
| 6 |
|
|
TATA AIA LIFE INSURANCE CO.LTD.
|
|
|
PAID APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION/REMUNERATION TO CORPOARTE AGENTS
|
IMPOSED PENALTY RS.50,000
11-DEC-2013
|
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
