| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 1 |
|
HDFC STANDARD LIFE INSURANCE CO.LTD.
|
|
|
CONSIDERABLE DELAY IN PROCESSING AND SETTLEMENT OF DEATH CLAIMS
|
IMPOSED PENALTY RS.5,00,000
04-OCT-2011
|
|
| 2 |
|
|
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
|
|
| 3 |
|
|
KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LTD.
|
|
|
CONSIDERABLE DELAY IN PROCESSING AND SETTLEMENT OF DEATH CLAIMS
PAID CLAIM CHEQUES TO MASTER POLICY HOLDER
WAIVED PORTION OF TOTAL PREMIUM WHEN POLICY ACCEPTED WITH EXTRA
WAIVED SURRENDER CHARGES PARTIALLY OR FULLY
ALLOWED SURRENDERS WITHIN THREE YEARS
WAIVED SURRENDER PENALTY
SURRENDERED MWP POLICIES
SOLD OTHER THAN TERM POLICIES (UNIT LINKED POLICIES) IN KEY-MAN INSURANCE POLICIES
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
30-OCT-2008
|
|
| 4 |
|
|
L&T GENERAL INSURANCE CO.LTD.
|
|
|
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
MADE CHANGES TO TARIFF WORDINGS WITHOUT FILING AND TAKING APPROVAL FROM IRDA
ALLOWED DISCOUNTS ON FILED RATES ON DIFFERENT BASIS/GROUNDS
DID NOT ADHERE TO RATING & PRICING PROCEDURE NOR THE PREMIUM QUOTATIONS WERE APPROVED BY APPOINTED ACTUARY OR ANY OTHER AUTHROIZED PERSON
SETTLED LESSER CLAIM THAN ELIGIBLE
ACCEPTED PREMIUM FROM THIRD PARTY HAVING NO INSURABLE INTEREST
DID NOT FILE “STANDARDIZED PRODUCT SCRIPTS” IMMEDIATELY ON ENTERING INTO AGREEMENT
|
IMPOSED PENALTY RS.50,00,000
30-JUL-2015
|
|
| 5 |
|
|
LIFE INSURANCE CORP.OF INDIA
|
|
|
CONSIDERABLE DELAY IN PROCESSING AND SETTLEMENT OF DEATH CLAIMS
|
ADVISED TO COMPLETE ALL CLAIM INVESTIGATIONS WITHIN STIPULATED TIME AND PUT IN PLACE EFFECTIVE SYSTEMS TO SETTLE THE CLAIMS PROMPTLY
28-NOV-2011
|
|
| 6 |
|
|
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
|
| 7 |
|
|
SHRIRAM GENERAL INSURANCE CO.LTD.
|
|
|
CONSIDERABLE DELAY IN PROCESSING AND SETTLEMENT OF DEATH CLAIMS
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
10-JAN-2011
|
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
