| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 1 |
|
AFRO-ASIAN INSURANCE & REINSURANCE BROKERS (INDIA) PVT.LTD.
|
|
|
DID NOT PERFORM FUNCTIONS OF REINSURANCE BROKER AS VIOLATING REGULATION 4 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
|
IMPOSED PENALTY RS.5,00,000
19-SEP-2017
|
|
| 2 |
|
|
ANAND RATHI INSURANCE BROKERS LTD.
|
|
|
PROVIDED CONSULTANCY FOR THE CLAIMS EXCEEDING RS.1.00 CRORE VIOLATING REGULATIONS 32(1)(A),32(1)(C) AND CLAUSE 7 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
APPOINTED CONSULTANT TO BRING IN BUSINESS VIOLATING CLAUSE 3(B) OF SCHEDULE VI-A UNDER REGULATION 28 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
DID NOT HAVE ADEQUATE INTERNAL CONTROLS VIOLATING REGULATIONS 31(1) AND 8(2) (XIV) OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
|
IMPOSED PENALTY RS.3,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
29-APR-2019
|
|
| 3 |
|
|
AON GLOBAL INSURANCE BROKERS PVT.LTD.
|
|
|
SHARED BROKERAGE WITH FOREIGN BROKERS VIOLATING PARA 3(B) OF SCHEDULE III UNDER REGULATION 21 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2002
ALLOWED CLIENTS TO REMIT PREMIUMS DIRECTLY TO OFFSHORE BROKERS VIOLATING REGULATIONS 34(1) AND 34(2) OF BROKERS REGULATIONS, 2013
|
IMPOSED PENALTY RS.1,00,000
19-SEP-2018
|
|
| 4 |
|
|
CORPORATE RISKS INDIA INSURANCE BROKERS INDIA PVT.LTD.
|
|
|
SHARED MORE THAN 50% BROKERAGE WITH FOREIGN BROKER VIOLATING REGULATION 34(3) OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
07-AUG-2017
|
|
| 5 |
|
|
INDIA INFOLINE INSURANCE BROKERS LTD.
|
|
|
PERMITTED VARIOUS UNLICENSED INDIVIDUALS TO SOLICIT AND PROCURE BUSINESS
DID NOT HAVE NECESSARY INFRASTRUCTURE TO RUN INSURANCE BROKING OPERATIONS VIOLATING REGULATION 8(2)(II) OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
DID NOT MAKE DISCLOSURE OF RELATED PARTY TRANSACTIONS
|
IMPOSED PENALTY RS.2,04,00,000
25-NOV-2019
|
|
| 6 |
|
|
NETAMBIT INSURANCE BROKING INDIA LTD.
|
|
|
HIRED SOME OF THE EMPLOYEES HAVING THEIR INDIVIDUAL AGENT LICENSE VIOLATING CODE OF CONDUCT CLAUSE 3(B) OF SCHEDULE VI-A UNDER REGULATION 28 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
COMMUNICATED WRONG FIGURES DURING ONSITE INSPECTION VIOLATING CODE OF CONDUCT CLAUSE 1 OF SCHEDULE VI-A UNDER REGULATION 28 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
|
IMPOSED PENALTY RS.20,00,000
10-JAN-2018
|
|
| 7 |
|
|
REGAL INSURANCE BROKERS & RISK MANAGEMENT SERVICES PVT.LTD.
|
|
|
ENTERED INTO AGREEMENT WITH VISHDEVA LEASING & INVESTMENTS PVT.LTD. TO PROVIDE CERTAIN SERVICES TO ITS CLIENTS ON ITS BEHALF VIOLATING CLAUSE 3(B) OF SCHEDULE VIA OF REGULATION 28 OF IRDA (BROKERS) REGULATIONS, 2013
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
07-AUG-2017
|
|
| 8 |
|
|
S.B.INSURANCE BROKERS PVT.LTD.
|
|
|
DID NOT SHARE DOCUMENTS WITH INSPECTION TEAM VIOLATING CLAUSE 1(F) OF REGULATION 41 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
DID NOT SUBMIT DOCUMENTS WITH INSPECTION TEAM VIOLATING CLAUSE 1(I) OF REGULATION 41 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
MADE SPURIOUS CALLS VIOLATING CLAUSE 1 OF SCHEDULE VIA READ WITH REGULATION 28 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
ENGAGED INTO CALLS WITHOUT DISCLOSING IDENTITY VIOLATING CLAUSES 2(C) AND 2(J) OF SCHEDULE VIA READ WITH REGULATION 28 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
|
CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE BROKER
18-JUN-2019
|
|
| 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 |
|
|
VISISTA INSURANCE BROKING SERVICES PVT.LTD.
|
|
|
DID NOT INTEMATE IRDA ABOUT OPENING OF NEW OFFICE VIOLATING REGULATION 38(4)(I) OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
|
IMPOSED PENALTY RS.1,00,000
25-MAY-2021
|
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
