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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 COMPANY: ADVISED INSURANCE COMPANIES TO STRICTLY ADHERE TO IRDA GUIDELINES

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person FUTURE GENERALI INDIA LIFE INSURANCE CO.LTD.  
  DELAY IN CANCELLATION OF POLICIES UNDER FREE LOOK OPTION

DID NOT CANCEL POLICIES UNDER FREE LOOK OPTION

DELAY IN DESPATCH OF POLICY BONDS   		ADVISED INSURANCE COMPANIES TO STRICTLY ADHERE TO IRDA GUIDELINES

14-NOV-2011 		 
2
History of entity/person ICICI PRUDENTIAL LIFE INSURANCE CO.LTD.  
  PERMITTED VARIOUS UNLICENSED INDIVIDUALS TO SOLICIT AND PROCURE BUSINESS

ENTERED IN REFERRAL AGREEMENTS WITH NON-BANKING ENTITIES INCLUDING INDIVIDUALS

INCURRED OTHER EXPENSES ON REFERRAL PARTNERS APART FROM REFERRAL FEE

PAID NON-COMPETE FEE APART FROM COMMISSION TO CORPORATE AGENTS

MADE OTHER PAYOUTS APART FROM COMMISSIONS IN THE NAME OF BRANCH LEVEL MARKETING, PROMOTIONAL ACTIVITIES, CUSTOMER AWARENESS PROGRAMMES, MARKET FEEDBACK AND OTHER RELATED ACTIVITES TO INSURANCE BROKER

REMUNERATED MASTER POLICYHOLDERS IN THE NAME OF “MARKET SUPPORT FEE” OR “ADMINISTRATIVE FEE”   		IMPOSED PENALTY RS.1,18,00,000

ADVISED INSURANCE COMPANIES TO STRICTLY ADHERE TO IRDA GUIDELINES

24-MAY-2012 		 
3
History of entity/person IDBI FEDERAL LIFE INSURANCE CO.LTD.  
  CONSIDERABLE DELAY IN PROCESSING AND SETTLEMENT OF DEATH CLAIMS   ADVISED INSURANCE COMPANIES TO STRICTLY ADHERE TO IRDA GUIDELINES

01-FEB-2012 		 
4
History of entity/person SHRIRAM LIFE INSURANCE CO.LTD.  
  DELAY IN CANCELLATION OF POLICIES UNDER FREE LOOK OPTION   ADVISED INSURANCE COMPANIES TO STRICTLY ADHERE TO IRDA GUIDELINES

30-AUG-2011 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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