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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 REFERRAL AGREEMENTS

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person 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
History of entity/person TATA AIA LIFE INSURANCE CO.LTD.  
  DID NOT MAKE DISCLOSURE OF COMPLETE INFORMATION ON STATUS OF REFERRAL ARRANGEMENT   CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.

DIRECTED TO PUT IN PLACE EFFECTIVE PROCEDURE FOR COMPLYING WITH IRDA (SHARING OF DATA BASE FOR DISTRIBUTION OF INSURANCE PRODUCTS) REGULATIONS, 2010

18-DEC-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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