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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 IRDA (INSURANCE BROKERS) REGULATIONS, 2018

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person 5PAISA INSURANCE BROKERS LTD.  
  MADE APPLICATION FOR CERTIFICATE OF REGISTRATION TO ACT AS DIRECT INSURANCE BROKER (LIFE & GENERAL) UNDER THE SAME GROUP VIOLATING REGULATION 37(1) OF IRDAI (INSURANCE BROKERS) REGULATION, 2018   REJECTED APPLICATION FILED TO GRANT CERTIFICATION OF REGISTRATION AS INSURANCE BROKER

09-NOV-2021 		 
2
History of entity/person CENTCART INSURANCE BROKING SERVICES PVT.LTD.  
  DID NOT FILE THE CERTIFICATES DULY CERTIFIED BY AUDITOR

DID NOT SUBMIT PERIODICAL RETURNS AS PER FORMATS/RETURNS PRESCRIBED UNDER IRDAI BUSINESS ANALYTICAL PROJECT

SUBMITTED FALSE OR WRONG CERTIFICATION OR CONCEALMENT OF FACTS IN THE CERTIFICATES TO IRDAI   		IMPOSED PENALTY RS.3,00,000

CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.

10-NOV-2023 		 
3
History of entity/person DEALMONEY INSURANCE BROKING PVT.LTD.  
  DID NOT MAKE DISCLOSURE OF MATERIAL INFORMATION ON ITS OWN FORTHWITH VIOLATING REGULATION 7(5) OF IRDA (INSURANCE BROKERS) REGULATIONS, 2018   REJECTED APPLICATION FILED TO GRANT CERTIFICATION OF REGISTRATION AS INSURANCE BROKER

16-JUN-2021 		 
4
History of entity/person SALASAR SERVICES INSURANCE BROKERS PVT.LTD.  
  GAVE WRONG AND MISLEADING ADVICE TO LODGE CLAIMS VIOLATING CLAUSE 2 OF CODE OF CONDUCT IN SCHEDULE 1 – FORM H OF IRDA (INSURANCE BROKERS) REGULATIONS, 2018

GAVE WRONG AND MISLEADING ADVICE TO CLIENTS/POLICY HOLDERS VIOLATING CLAUSE 1 OF CODE OF CONDUCT IN SCHEDULE 1 – FORM H OF IRDA (INSURANCE BROKERS) REGULATIONS, 2018

MADE MISLEADING AND EXTRAVAGANT STATEMENTS VIOLATING CLAUSE 10 OF CODE OF CONDUCT IN SCHEDULE 1 – FORM H OF IRDA (INSURANCE BROKERS) REGULATIONS, 2018   		IMPOSED PENALTY RS.8,00,000

16-JUN-2021 		 
5
History of entity/person UNISON INSURANCE BROKING SERVICES PVT.LTD.  
  INDULGED IN ISSUANCE OF FRAUDULENT REINSURANCE SLIPS OF CROP REINSURANCE RISK COVER TO TATA-AIG GENERAL INSURANCE COMPANY   IMPOSED PENALTY RS.1,00,00,000

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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