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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 (LICENSING OF CORPORATE AGENTS) REGULATIONS, 2002

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person 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 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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