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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: VIOLATED DIRECTIVES/INSTRUCTIONS/GUIDELINES ON MOTOR INSURANCE SERVICE PROVIDERS

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person ADITYA BIRLA INSURANCE BROKERS LTD.  
  CREATED A PANEL OF INSURERS TO FORCE MOTOR CUSTOMERS TO BUY MOTOR INSURANCE POLICIES OF THE INSURERS WHO WERE ON THEIR PANEL

DID NOT FOLLOW RECOGNISED STANDARDS OF PROFESSIONAL CONDUCT AND DISCHARGE THEIR FUNCTIONS OF THE CLIENTS OR POLICYHOLDERS

DISCRIMINATED BETWEEN INSURANCE POLICYHOLDER WHO BOUGHT MOTOR INSURANCE FROM THAT MOTOR DEALER AS AGAINST WHO HAS NOT BOUGHT THEM   		IMPOSED PENALTY RS.3,00,00,000

23-DEC-2019 		 
2
History of entity/person SMC INSURANCE BROKERS PVT.LTD.  
  CREATED A PANEL OF INSURERS TO FORCE MOTOR CUSTOMERS TO BUY MOTOR INSURANCE POLICIES OF THE INSURERS WHO WERE ON THEIR PANEL

DID NOT FOLLOW RECOGNISED STANDARDS OF PROFESSIONAL CONDUCT AND DISCHARGE THEIR FUNCTIONS OF THE CLIENTS OR POLICYHOLDERS

DISCRIMINATED BETWEEN INSURANCE POLICYHOLDER WHO BOUGHT MOTOR INSURANCE FROM THAT MOTOR DEALER AS AGAINST WHO HAS NOT BOUGHT THEM   		IMPOSED PENALTY RS.3,00,00,000

08-JAN-2020 		 
3
History of entity/person TOYOTA TSUSHO INSURANCE BROKER (INDIA) PVT.LTD.  
  CREATED A PANEL OF INSURERS TO FORCE MOTOR CUSTOMERS TO BUY MOTOR INSURANCE POLICIES OF THE INSURERS WHO WERE ON THEIR PANEL

DID NOT FOLLOW RECOGNISED STANDARDS OF PROFESSIONAL CONDUCT AND DISCHARGE THEIR FUNCTIONS OF THE CLIENTS OR POLICYHOLDERS

DISCRIMINATED BETWEEN INSURANCE POLICYHOLDER WHO BOUGHT MOTOR INSURANCE FROM THAT MOTOR DEALER AS AGAINST WHO HAS NOT BOUGHT THEM   		IMPOSED PENALTY RS.3,00,00,000

08-JAN-2020 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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