| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 1 |
|
BHOOMA INASURANCE BROKING SERVICES LTD.
|
|
|
DID NOT MAINTAIN , PRESERVE AND PRODUCE BOOKS OF ACCOUNTS , RECORDS , VOUCHERS ETC.
|
CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE BROKER
09-APR-2008
|
|
| 2 |
|
|
CONFIANCE INTERNATIONAL REINSURANCE BROKERS L.L.C.
|
|
|
DID NOT ACT WITH DUE CARE AND DILIGENCE
DID NOT CONFIRM COVER TO INSURER AFTER EFFECTING RE-INSURANCE AND DID NOT SUBMIT RELEVANT REINSURANCE ACCEPTANCE AND PLACEMENT SLIPS
DID NOT ENSURE PROMPT REMITTANCE OF FUNDS
DID NOT PROVIDE INSURER A TRUE AND COMPLETE COPY OF REINSURANCE PLACEMENT SLIP TO BE USED BEFORE ENTERING MARKET
ACTED WITH MALAFIDE INTENTIONS AND BETRAYED TRUST OF INSURANCE MARKET
DID NOT FURNISH INSURER/REINSURER TRUE COPY OF PLACEMENT SLIP SIGNED BY THE LEAD REINSURER QUOTING TERMS, INDICATING THEREON, SIGNED LINE OF REINSURER
|
PROHIBITED FROM INSURANCE MARKET DIRECTLY OR INDIRECTLY IN WHATSOEVER MANNER
DIRECTED INDIAN INSURERS AND REINSURERS AND ITS OFFICES OVERSEAS, FOREIGN REINSURANCE BRANCHES IN INDIA AND INDIAN INSURANCE INTERMEDIARIES NOT TO ENGAGE INTO ANY BUSINESS ACTIVITY WITH CONFIANCE, DIRECTLY OR INDIRECTLY IN WHATSOEVER MANNER
22-FEB-2024
|
|
| 3 |
|
|
DEALMONEY INSURANCE BROKING PVT.LTD.
|
|
|
DID NOT MAKE DISCLOSURE OF INFORMATION REGARDING APPOINTMENT AND REMOVAL OF MR.ABHIJIT DEY AS A DIRECTOR
DID NOT DISCLOSE THAT PRINCIPAL OFFICER MR.VIKRAM RATHOD WAS ENGAGED IN FRAUDULENT PRACTICES AND FIR LODGED AGAINST HIM
|
REJECTED APPLICATION FILED TO GRANT CERTIFICATION OF REGISTRATION AS INSURANCE BROKER
23-FEB-2024
|
|
| 4 |
|
|
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
|
|
| 5 |
|
|
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
|
|
| 6 |
|
|
MASS INSURANCE BROKERS PVT.LTD.
|
|
|
DID NOT FURNISH REQUIRED INFORMATION/DOCUMENTS TO IRDA
|
SUSPENDED LICENSE AS INSURANCE BROKER TILL FURTHER ORDER
08-JUN-2004
|
REVOCATION OF SUSPENSION ORDER
|
| 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 |
|
|
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
|
|
| 9 |
|
|
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
|
|
| 10 |
|
|
VISION INSURANCE RISK ANALYSIS MANAGEMENT & BROKERS PVT. LTD.
|
|
|
DID NOT FURNISH COPY OF PROFESSIONAL INDEMNITY INSURANCE COVER TO IRDA
|
SUSPENDED LICENSE AS INSURANCE BROKER
13-JUL-2005
|
REVOCATION OF SUSPENSION ORDER
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
