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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: DISCREPANCIES IN PROPOSAL FORMS

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person TATA AIG LIFE INSURANCE CO.LTD.  
  PERMITTED VARIOUS UNLICENSED INDIVIDUALS AND CORPORATES TO SOLICIT AND PROCURE BUSINESS

PAID EXCESS REFERRAL FEES THAN ENVISAGED IN REFERRAL DIRECTIVES/INSTRUCTIONS/GUIDELINES

PAID BUSINESS PROMOTION EXPENSES TO CORPORATE AGENTS APART FROM REGULAR COMMISSION

DID NOT VERIFY PROPOSAL FORMS ON SAMPLE BASIS PROCURED THROUGH UNLICENSED ENTITIES

PROPOSAL FORMS WERE SIGNED AND LODGED IN A PLACE OTHER THAN NORMAL PLACE OF RESIDENCE OR PLACE OF BUSINESS OF PROPOSER/LIFE ASSURED   		IMPOSED PENALTY RS.49,00,000

13-AUG-2012 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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