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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 PREMIUM RATES FILED WITH IRDA

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person AVIVA LIFE INSURANCE CO.INDIA LTD.  
  ALLOWED PREMIUM RATES DIFFERENT FROM FILED IN THE RESPECTIVE PRODUCTS UNDER FILED & USE WHILE ISSUING TWO GROUP POLICIES, HENCE DID NOT ADHERE TO PREMIUM QUOTATIONS APPROVED BY THEIR APPOINTED ACTUARY   IMPOSED PENALTY RS.5,00,000

18-NOV-2016 		 
2
History of entity/person ICICI LOMBARD GENERAL INSURANCE CO.LTD.  
  ALLOWED MAXIMUM DISCOUNT IN PRAVASI BHARATIYA BIMA YOJANA POLICIES ACROSS THE BOARD WITHOUT EXERCISING DISCRETION TO THE FACTS OF EACH CASE   IMPOSED PENALTY RS.5,00,000

14-MAY-2008 		 
3
History of entity/person ING VYSYA LIFE INSURANCE CO.LTD.  
  CHARGED RIDER PREMIUM IN VIOLATION OF PROVISION OF REGULATION 3(1) OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002

DID NOT ADHERE TO FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES

INDULGED IN PROMOTIONAL COMPETITION AMONGST REFERRAL PARTNERS VIOLATING IRDA CIRCULAR DATED 14/02/3003   		ADVISED STRICTLY ADHERE TO PROVISIONS OF INSURANCE ACT, 1938

05-JAN-2010 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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