| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 1 |
|
AVIVA LIFE INSURANCE CO.INDIA LTD.
|
|
|
DID NOT ENSURE INFORMATION PROVIDED TO INVESTIGATING OFFICERS DURING INSPECTION PERIOD
ORGANIZED CONTESTS FOR REFERRAL PARTNERS AND ENTERTAINED BANK STAFF FOR PROMOTING BUSINESS OF COMPANY VIOLATING IRDA CIRCULAR DATED 14/02/2003
|
ADVISED STRICTLY ADHERE TO PROVISIONS OF INSURANCE ACT, 1938
15-SEP-2009
|
|
| 2 |
|
|
BAJAJ ALLIANZ GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT EXERCISE DUE DILIGENCE IN TERMS OF CLAUSE 5 OF DIRECTIVES/INSTRUCTIONS/GUIDELINES IN MATTER OF RENEWAL OF LICENCE OF CORPORATE AGENTS
DID NOT REFER APPLICATION TO IRDA FOR EXERCISING POWERS VESTED IN IT UNDER IRDA ACT, 1999 AND IRDA (LICENSING OF CORPORATE AGENTS) REGULATIONS, 2002 IN MATTER OF GRANT OF LICENSE TO CORPORATE AGENTS
|
IMPOSED PENALTY RS.5,00,000
07-JUN-2011
|
|
| 3 |
|
|
BHARTI AXA GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT SUBMIT INFORMATION TO IRDA IN RELATION TO CHANGE IN SHAREHOLDING PATTERN AND STATUS OF PROMOTER ENTITY
|
IMPOSED PENALTY RS.10,00,000
26-AUG-2010
|
|
| 4 |
|
|
BHARTI AXA GENERAL INSURANCE CO.LTD.
|
|
|
MADE PAYMENTS TOWARDS INFRASTRUCTURE EXPENSES TO CORPORATE AGENTS
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
PAID COMMISSION TO UNAUTHORISED PERSONS/ENTITIES
MADE ADDITIONAL PAYMENTS OTHER THAN COMMISSION AMOUNT TO LICENSED ENTITY
DID NOT PROVIDE INFORMATION TO INSPECTION TEAM
ALLOWED DISCOUNTS/DISCRETIONARY DISCOUNTS OVER AND ABOVE APPROVED STRUCTURE
DID NOT PROVIDE FULL INFORMATION ON PERILS COVERED TOWARDS WHICH THE PREMIUM HAS BEEN COLLECTED AND DID NOT PROVIDE DOCUMENTARY EVIDENCE NOR REPLIED IN ANY OF ITS SUBMISSIONS VIOLATING PROVISIONS OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.35,00,000
09-AUG-2016
|
|
| 5 |
|
|
BHARTI AXA LIFE INSURANCE CO.LTD.
|
|
|
DID NOT SUBMIT INFORMATION TO IRDA IN RELATION TO CHANGE IN SHAREHOLDING PATTERN AND STATUS OF PROMOTER ENTITY
|
IMPOSED PENALTY RS.10,00,000
26-AUG-2010
|
|
| 6 |
|
|
ICICI LOMBARD GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT FOLLOW FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES AT THE TIME OF RENEWAL OF MEGA RISK POLICY FOR REFINERIES DIVISION OF INDIAN OIL CORP.LTD.
DID NOT SUBMIT PHOTOCOPY OF PLACEMENT SLIP TO IRDA IN MATTER OF RENEWAL OF MEGA RISK POLICY FOR REFINERIES DIVISION OF INDIAN OIL CORP.LTD.
|
IMPOSED PENALTY RS.5,00,000
09-JAN-2008
|
|
| 7 |
|
|
ICICI LOMBARD GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT EXERCISE DUE DILIGENCE IN TERMS OF CLAUSE 5 OF DIRECTIVES/INSTRUCTIONS/GUIDELINES IN MATTER OF RENEWAL OF LICENCE OF CORPORATE AGENTS
DID NOT REFER APPLICATION TO IRDA FOR EXERCISING POWERS VESTED IN IT UNDER IRDA ACT, 1999 AND IRDA (LICENSING OF CORPORATE AGENTS) REGULATIONS, 2002 IN MATTER OF GRANT OF LICENSE TO CORPORATE AGENTS
|
IMPOSED PENALTY RS.5,00,000
07-JUN-2011
|
|
| 8 |
|
|
IFFCO-TOKIO GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT EXERCISE DUE DILIGENCE IN TERMS OF CLAUSE 5 OF DIRECTIVES/INSTRUCTIONS/GUIDELINES IN MATTER OF RENEWAL OF LICENCE OF CORPORATE AGENTS
DID NOT REFER APPLICATION TO IRDA FOR EXERCISING POWERS VESTED IN IT UNDER IRDA ACT, 1999 AND IRDA (LICENSING OF CORPORATE AGENTS) REGULATIONS, 2002 IN MATTER OF GRANT OF LICENSE TO CORPORATE AGENTS
|
IMPOSED PENALTY RS.5,00,000
07-JUN-2011
|
|
| 9 |
|
|
NATIONAL INSURANCE CO.LTD.,THE
|
|
|
DID NOT EXERCISE DUE DILIGENCE IN TERMS OF CLAUSE 5 OF DIRECTIVES/INSTRUCTIONS/GUIDELINES IN MATTER OF RENEWAL OF LICENCE OF CORPORATE AGENTS
DID NOT REFER APPLICATION TO IRDA FOR EXERCISING POWERS VESTED IN IT UNDER IRDA ACT, 1999 AND IRDA (LICENSING OF CORPORATE AGENTS) REGULATIONS, 2002 IN MATTER OF GRANT OF LICENSE TO CORPORATE AGENTS
|
IMPOSED PENALTY RS.5,00,000
07-JUN-2011
|
|
| 10 |
|
|
NATIONAL INSURANCE CO.LTD.,THE
|
|
|
DID NOT ADHERE TO IRDA REGULATIONS/DIRECTIVES/INSTRUCTIONS/GUIDELINES/CIRCULARS IN RESPECT OF ISSUANCE OF "BOI NATIONAL SWASTHYA BIMA POLICY"
DID NOT FURNISH REQUIRED INFORMATION/DOCUMENTS TO IRDA WITHIN STIPULATED TIME
|
IMPOSED PENALTY RS.5,00,000
27-APR-2015
|
|
| 11 |
|
|
NEW INDIA ASSURANCE CO.LTD.,THE
|
|
|
DID NOT SUBMIT QUARTERLY FINANCIAL AND SOLVENCY MARGIN STATEMENTS
|
IMPOSED PENALTY RS.5,00,000
DIRECTED TO SUBMIT QUARTERLY FINANCIAL AND SOLVENCY MARGIN STATEMENTS
19-MAR-2009
|
|
| 12 |
|
|
NEW INDIA ASSURANCE CO.LTD.,THE
|
|
|
DID NOT EXERCISE DUE DILIGENCE IN TERMS OF CLAUSE 5 OF DIRECTIVES/INSTRUCTIONS/GUIDELINES IN MATTER OF RENEWAL OF LICENCE OF CORPORATE AGENTS
DID NOT REFER APPLICATION TO IRDA FOR EXERCISING POWERS VESTED IN IT UNDER IRDA ACT, 1999 AND IRDA (LICENSING OF CORPORATE AGENTS) REGULATIONS, 2002 IN MATTER OF GRANT OF LICENSE TO CORPORATE AGENTS
|
IMPOSED PENALTY RS.5,00,000
07-JUN-2011
|
|
| 13 |
|
|
ROYAL SUNDARAM ALLIANCE INSURANCE CO.LTD.
|
|
|
DID NOT EXERCISE DUE DILIGENCE IN TERMS OF CLAUSE 5 OF DIRECTIVES/INSTRUCTIONS/GUIDELINES IN MATTER OF RENEWAL OF LICENCE OF CORPORATE AGENTS
DID NOT REFER APPLICATION TO IRDA FOR EXERCISING POWERS VESTED IN IT UNDER IRDA ACT, 1999 AND IRDA (LICENSING OF CORPORATE AGENTS) REGULATIONS, 2002 IN MATTER OF GRANT OF LICENSE TO CORPORATE AGENTS
|
IMPOSED PENALTY RS.5,00,000
07-JUN-2011
|
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
