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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: DID NOT ADHERE TO CIRCULAR ISSUED BY IRDA

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person INDIAFIRST LIFE INSURANCE CO.LTD.  
  DID NOT ADHERE TO CIRCULAR ISSUED BY IRDA

CREATED DUMMY CODES IN NEW BUSINESS PROCESSING/POLICY ADMINISTRATION SYSTWEMS AND COMMISSION PAID TO RESPECTIVES CORPORATE AGENTS

FLOATED VARIOUS SALES CAMPAIGNS TO THE EMPLOYEES OF CORPORATE AGENTS IN THE NATURE OF "GIFT CARDS", "ONLINE REDEMPTION POINTS" AND “FOREIGN TRIPS" VIOLATING SECTION 40(1) & 40A OF INSURANCE ACT, 1938

PAID AMOUNT OTHER THAN PERMITTED AGENCY COMMISSION TO CORPORATE AGENT

MADE PAYMENT OF DEATH CLAIM PROCEEDS TO MASTER POLICYHOLDER VIOLATING OF CLAUSE C-7 OF GROUP INSURANCE DIRECTIVES/INSTRUCTIONS/GUIDELINES, 2005

LAUNCHED POLICIES WHICH WERE NOT APPROVED BY IRDA VIOLATING FILE AND USE DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY IRDA

DID NOT OBTAIN CERTIFICATE AT THE END OF THE MEMBERSHIP FORM FROM PROSPECT VIOLATING REGULATION 3(4) & 4(2) OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002   		IMPOSED PENALTY RS.65,00,000

26-MAY-2015 		 
2
History of entity/person NATIONAL INSURANCE CO.LTD.,THE  
  DID NOT ADHERE TO CIRCULAR ISSUED BY IRDA   IMPOSED PENALTY RS.5,00,000

08-AUG-2012 		 
3
History of entity/person NEW INDIA ASSURANCE CO.LTD.,THE  
  DID NOT ADHERE TO CIRCULAR ISSUED BY IRDA   IMPOSED PENALTY RS.5,00,000

08-AUG-2012 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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