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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: DEFAULTED IN DESPATCH OF POLICY BONDS

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 SAHARA INDIA LIFE INSURANCE CO.LTD.  
  DELAY IN DESPATCH OF POLICY BONDS

PERMITTED VARIOUS UNLICENSED INDIVIDUALS TO SOLICIT AND PROCURE BUSINESS

DELAY IN DEATH CLAIM PAYMENTS AND SETTLED WITHOUT PENAL INTEREST

ALLOWED GRACE PERIOD OF 90 DAYS IN CASE OF POLICIES WITH GROUP BILLING INSTEAD OF 30 DAYS

DID NOT GET APPROVAL OF ACTUARY FOR PREMIUM QUOTATIONS IN GROUP SCHEMES

DID NOT SHOW PAYMENTS MADE TO SAHARA CARE IN RELATED PARTY TRANSACTIONS   		IMPOSED PENALTY RS.12,00,000

27-FEB-2012 		IRDA VIDE ITS PUBLIC NOTICE DATED 23/06/2017 DIRECTED SAHARA TO NOT TO PROCURE / COLLECT PROPOSAL DEPOSITS / UNDERWRITE NEW BUSINESS WITH IMMEDIATE EFFECT, I.E., CLOSE OF BUSINESS ON 23/06/2017. DIRECTED SAHARA INDIA LIFE INSURANCE CO.LTD. TO INFORM ALL CONCERNED AGENTS / INTERMEDIARIES OF THE ABOVE DIRECTION AND ENSURE THAT THEY DO NOT PROCURE / COLLECT PROPOSAL DEPOSITS TOWARDS NEW INSURANCE BUSINESS IMMEDIATELY ON RECEIPT OF THIS ORDER. FURTHER, DIRECTED TO CONTINUE TO COLLECT AND ACCOUNT FOR THE RENEWAL PREMIUM AND SERVICE THE EXISTING BUSINESS AND POLICYHOLDERS, UNHINDERED

IRDA VIDE ITS NOTICE DATED 12/06/2017 APPOINTED MR.R.K.SHARMA, GM (F&A-NL), IRDAI AS ADMINISTRATOR FOR MANAGING THE AFFAIRS OF SAHARA INDIA LIFE INSURANCE CO.LTD., WITH IMMEDIATE EFFECT  
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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