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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: DIRECTED TO CANCEL REFERRAL AGREEMENTS WITH INDIVIDUALS

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person RELIANCE LIFE INSURANCE CO.LTD.  
  OPENED OFFICES WITHOUT OBTAINING PRIOR APPROVAL OF IRDA

DID NOT ISSUE LICENSES IN STIPULATED PERIOD

OUTSOURCED KEY JOBS RELATED TO ISSUE OF LICENSES

ENTERED INTO REFERRAL LIKE AGREEMENTS WITH INDIVIDUALS

PAID EXCESS REFERRAL FEES THAN ENVISAGED IN REFERRAL DIRECTIVES/INSTRUCTIONS/GUIDELINES   		IMPOSED PENALTY RS.5,00,000

DIRECTED TO ABIDE BY RULES AND REGULATIONS ISSUED BY IRDA UNDER PROVISIONS OF THE INSURANCE ACT,1938

DIRECTED NOT TO OUTSOURCE ANY ACTIVITY INVOLVED IN ISSUE AND RENEWAL OF LICENCES

DIRECTED TO CANCEL REFERRAL AGREEMENTS WITH INDIVIDUALS

12-AUG-2010 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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