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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 MAKING DISCLOSURE OF MATERIAL INFORMATION

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person ACME INSURANCE BROKING SERVICES PVT.LTD.  
  DID NOT EMPLOY TRAINED PERSONS

PLACED SIGNIFICANT PROPORTION OF ITS RE-INSURANCE BUSINESS WITH FOREIGN REINSURERS OR FOREIGN BROKERS AND THE INSURED ALSO A FOREIGN NATIONAL

‘CONSULTANCY FEE’ AND ‘INTEREST INCOME’ SHOWN IN FINANCIAL STATEMENTS UNDER THE HEAD INSURANCE BROKING

RECOGNISED INTEREST ON FIXED DEPOSIT ON CASH BASIS

ENTERED INTO AGREEMENTS WITH GLOBAL ENTITIES TO PLACE WITH INDIAN INSURER, THE INSURANCE BUSINESS FROM INDIAN ENTITIES OF MULTI NATIONAL CORPORATIONS

CONCEALED INFORMATION ON THE PART OF PRINCIPAL OFFICER ABOUT DIRECTORSHIP AND SHAREHOLDING OF ACME VENTURES PVT.LTD.   		IMPOSED PENALTY RS.7,00,000

23-JAN-2015 		 
2
History of entity/person EDELWEISS TOKIO LIFE INSURANCE CO.LTD.  
  DID NOT TAKE PRIOR APPROVAL FROM IRDA FOR CHANGE IN SHAREHOLDING PATTERN

DID NOT SUBMIT DETAILS OF EXPIRY OF THE JOINT VENTURE AGREEMENT DATED 28/11/2009 ENTERED BETWEEN EDELWEISS FINANCIAL SERVICES LTD. AND TOKIO MARINE & NICHIDO FIRE INSURANCE CO.LTD.   		IMPOSED PENALTY RS.20,00,000

CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.

04-APR-2024 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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