| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 1 |
|
ALMONDZ REINSURANCE BROKERS PVT.LTD.
|
|
|
PLACED DIRECT BUSINESS ALTHOUGH REGISTERED TO PROCURE REINSURANCE BUSINESS ONLY
EMPLOYED FOREIGN BROKER (UNLICENSED ENTITY) TO PLACE DIRECT INSURANCE BUSINESS AND SHARED BROKERAGE WITH THEM
|
IMPOSED PENALTY RS.5,00,000
17-NOV-2017
|
|
| 2 |
|
|
APOLLO MUNICH HEALTH INSURANCE CO.LTD.
|
|
|
ACCEPTED PREMIUM OF RS.51.21 LACS FROM AGENTS AFTER EXPIRY OF LICENSE
DID NOT CAPTURE LICENSE DATE AND EXPIRY DATE INTO POLICY ADMINISTRATION SYSTEM FROM WHOM BUSINESS SOLICITED AFTER LICENSE EXPIRY
ENTERED INTO AGREEMENT WITH MAKEMYTRIP.COM (MMT), NOT A LICENSED INSURANCE INTERMEDIARY, TO MARKET ITS TRAVEL INSURANCE PRODUCTS AND OTHER SUPPORT SERVICES THROUGH ITS WEBSITE
PAID COMMISSION TO PERSONS, WHICH WERE NOT LICENSED TO SOLICIT BUSINESS
|
IMPOSED PENALTY RS.20,00,000
19-MAR-2015
|
|
| 3 |
|
|
BAJAJ ALLIANZ GENERAL INSURANCE CO.LTD.
|
|
|
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
PAID APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION/REMUNERATION TO CORPOARTE AGENTS
COLLECTED AMOUNT FROM CUSTOMERS AND ISSUED CONSOLIDATED CHEQUE PERIODICALLY IN NAME OF INSURER
|
IMPOSED PENALTY RS.15,00,000
31-JUL-2015
|
|
| 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 |
|
|
BIRLA SUN LIFE INSURANCE CO.LTD.
|
|
|
TOOK BLANKET APPROVAL FOR RAISING THE LIMIT UP TO 15% IN RESPECT OF INDUSTRY/GROUP EXPOSURE
ISSUED AND SENT CHEQUE IN FAVOUR OF MASTER POLICY HOLDER IN CASE OF DEATH CLAIMS
PERMITTED VARIOUS UNLICENSED INDIVIDUALS TO SOLICIT AND PROCURE BUSINESS
|
IMPOSED PENALTY RS.6,00,000
12-APR-2012
|
|
| 6 |
|
|
FUTURE GENERALI INDIA LIFE INSURANCE CO.LTD.
|
|
|
PERMITTED VARIOUS UNLICENSED INDIVIDUALS TO SOLICIT AND PROCURE BUSINESS
|
IMPOSED PENALTY RS.20,00,000
09-JAN-2012
|
|
| 7 |
|
|
FUTURE GENERALI INDIA LIFE INSURANCE CO.LTD.
|
|
|
PURCHASED GIFT VOUCHERS FROM ONE OF THE GROUP COMPANIES AND DISTRIBUTED IN THE NAME OF BRAND BUILDING ACTIVITY AND RECRUITMENT DRIVE OF POTENTIAL ADVISORS VIOLATING REGULATION 23 (F) OF IRDA (REGISTRATION OF INSURANCE COMPANIES) REGULATIONS, 2000
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
PAID COMMISSION TO PERSONS, WHICH WERE NOT LICENSED TO SOLICIT BUSINESS
ENGAGED IN SOLICITATION OF INSURANCE BUSINESS THROUGH MULTILEVEL MARKETING MODEL
ALLOWED AN INDIVIDUAL TO ATTEND DUBAI CONVENTION WHO WAS NEITHER TIED AS AGENT NOR APPOINTED AS A SPECIFIED PERSON BY ANY CORPORATE AGENT
DID NOT HAVE PROPER SYSTEM FOR ADMINISTRATION OF GROUP POLICIES
|
IMPOSED PENALTY RS.50,00,000
10-JUN-2015
|
|
| 8 |
|
|
HDFC ERGO GENERAL INSURANCE CO.LTD.
|
|
|
ALLOTTED MANY ONLINE ACCESS CODES TO INDIVIDUAL AGENT
INVOLVED UNLICENSED ENTITIES/PERSONS IN SOLICITATION OF BUSINESS
ALLOWED LICENSED ENTITY TO ACT AS VENDOR VIOLATING OURSOURCING DIRECTIVES/INSTRUCTIONS/GUIDELINES
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES AND MADE ADDITIONAL PAYOUTS WITHOUT ANY WRITTEN CONTRACT AND DID NOT MAKE DISCLOSURE OF THIS INFORMATION IN OUTSOURCING STATEMENTS
|
IMPOSED PENALTY RS.15,00,000
21-DEC-2016
|
|
| 9 |
|
|
HDFC STANDARD LIFE INSURANCE CO.LTD.
|
|
|
ISSUED AND SENT CHEQUE IN FAVOUR OF MASTER POLICY HOLDER IN CASE OF DEATH CLAIMS
PAID MARKETING EXPENSES TO CORPORATE AGENTS IN ADDITION TO BROKERAGE PAID
PERMITTED VARIOUS UNLICENSED INDIVIDUALS AND CORPORATES TO SOLICIT AND PROCURE BUSINESS
TOOK 2% EXPOSURE IN SUBSCRIBED EQUITY SHARES OF PVT.LTD.COMPANY
DENIED DEATH CLAIM UNDER HOME PROTECTION POLICY WHERE DEATH OCCURRED WITHIN 90 DAYS FROM THE DATE OF COMMENCEMENT OF THE POLICY
|
IMPOSED PENALTY RS.1,47,00,000
27-JUN-2012
|
|
| 10 |
|
|
ICICI PRUDENTIAL LIFE INSURANCE CO.LTD.
|
|
|
PERMITTED VARIOUS UNLICENSED INDIVIDUALS TO SOLICIT AND PROCURE BUSINESS
ENTERED IN REFERRAL AGREEMENTS WITH NON-BANKING ENTITIES INCLUDING INDIVIDUALS
INCURRED OTHER EXPENSES ON REFERRAL PARTNERS APART FROM REFERRAL FEE
PAID NON-COMPETE FEE APART FROM COMMISSION TO CORPORATE AGENTS
MADE OTHER PAYOUTS APART FROM COMMISSIONS IN THE NAME OF BRANCH LEVEL MARKETING, PROMOTIONAL ACTIVITIES, CUSTOMER AWARENESS PROGRAMMES, MARKET FEEDBACK AND OTHER RELATED ACTIVITES TO INSURANCE BROKER
REMUNERATED MASTER POLICYHOLDERS IN THE NAME OF “MARKET SUPPORT FEE” OR “ADMINISTRATIVE FEE”
|
IMPOSED PENALTY RS.1,18,00,000
ADVISED INSURANCE COMPANIES TO STRICTLY ADHERE TO IRDA GUIDELINES
24-MAY-2012
|
|
| 11 |
|
|
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
|
|
| 12 |
|
|
MAGMA HDI GENERAL INSURANCE CO.LTD.
|
|
|
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
|
IMPOSED PENALTY RS.5,00,000
05-APR-2017
|
|
| 13 |
|
|
ROYAL SUNDARAM ALLIANCE INSURANCE CO.LTD.
|
|
|
MADE PAYMENTS TO CORPORATE AGENTS IN ADDITION TO COMMISSION FOR VARIOUS ACTIVITIES
PAID TO AUTO DEALERS IN THE NATURE OF REMUNERATION TOWARDS OUTSOURCING OF PROMOTIONAL AND BRANDING ACTIVITIES
OUTSOURCED CORE ACTIVITIES LIKE ALLOWING THIRD PARTIES TO DECIDE PREMIUM RATES, TO DO SURVEY AND ASSESS LOSS ETC.
DID NOT MAINTAIN SPECIMEN COPIES OF ADVERTISEMENTS
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
PAID COMMISSION TO OTHER THAN LICENSED AGENTS
MADE CHANGES TO TARIFF WORDINGS WITHOUT FILING AND TAKING APPROVAL FROM IRDA
ALLOWED DISCOUNTS UP TO 90% UNDER ENGINEERING & FIRE SEGMENTS EVEN THOUGH THE MAXIMUM DISCOUNT ALLOWED WAS 60%
ISSUED GROUP PERSONAL ACCIDENT INSURANCE POLICY (GPA) TO PRIMARY CARD HOLDERS WHICH WAS NOT AS PER FILED VERSION OF THE PRODUCT
DID NOT FILE “SUNDARAM CREDIT PROTECT” WITH IRDA AS PER FILE AND USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
ISSUED UNNAMED POLICY COVERING MEMBERS OF INSURED
|
IMPOSED PENALTY RS.40,00,000
06-MAY-2016
|
|
| 14 |
|
|
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
|
| 15 |
|
|
SBI LIFE INSURANCE CO.LTD.
|
|
|
ACCEPTED INSURANCE BUSINESS FROM CORPORATE AGENT AFTER EXPIRY OF LICENSE
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
|
IMPOSED PENALTY RS.10,00,000
19-SEP-2016
|
|
| 16 |
|
|
SHRIRAM GENERAL INSURANCE CO.LTD.
|
|
|
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
ALLOWED DISCOUNTS/DISCRETIONARY DISCOUNTS OVER AND ABOVE APPROVED STRUCTURE
DID NOT DOCUMENT STANDARD PROCEDURE IN CONSIDERING CLAIMS ON NON STANDARD/SUBSTANDARD BASIS
|
IMPOSED PENALTY RS.15,00,000
25-JUL-2016
|
|
| 17 |
|
|
SHRIRAM LIFE INSURANCE CO.LTD.
|
|
|
ISSUED ADVERTISEMENT WHEREIN AN OFFER OF 2% REBATE WAS MADE IN VIOLATION OF SECTION 41 OF THE INSURANCE ACT, 1938
PERMITTED VARIOUS UNLICENSED INDIVIDUALS TO SOLICIT AND PROCURE BUSINESS
ISSUED AND SENT CHEQUE IN FAVOUR OF MASTER POLICY HOLDER IN CASE OF DEATH CLAIMS
OUTSOURCED PARTIALLY ACTIVITY OF NAV COMPUTATION EVEN THOUGH ASSETS UNDER MANAGEMENT CROSSED RS. 500 CRORE
TOOK TREND OF PREVIOUS WEEK TO KNOW ABOUT AN EXPANSION OR A CONTRACTION OF FUNDS(S) INSTEAD OF DECIDING IT ON A DAILY BASIS
PAID REFERRAL FEES TO ITS GROUP COMPANIES
INCURRED OTHER EXPENSES ON REFERRAL PARTNERS APART FROM REFERRAL FEE
PROVIDED CREDIT OF PREMIUM TO POLICYHOLDERS ONLY FROM DATE OF REALIZATION OF AMOUNT
PAID TRAINING EXPENSES IN ADDITION TO BROKERAGE PAID
DID NOT MENTION IN INSURANCE CERTIFICATE OF NON-EMPLOYER GROUP, THE AMOUNT OF PREMIUM CHARGED AND PROCEDURE TO BE FOLLOWED TO REGISTER CLAIM WITH INSURER INCLUDING FULL ADDRESS OF INSURER
FAILED TO PAY INTEREST ON CLAIM AMOUNT IN CASE OF DELAY OF MORE THAN 30 DAYS FROM DATE OF CLAIM ADMISSION TO DATE OF SETTLEMENT
REPUDIATED DEATH CLAIMS FOR NON-SUBMISSION OF CLAIM REQUIREMENTS WITHOUT ALLOWING SUFFICIENT TIME TO CLAIMANT
FREE LOOK CLAUSE IN POLICY DOCUMENT DID NOT SPECIFY “THE AMOUNT PAYABLE TO THE POLICYHOLDER IN CASE HE OPTS FOR FREE LOOK CANCELLATION” AND RECOVERING PROPORTIONATE POLICY ADMINISTRATION CHARGE PLUS A FIXED DOCUMENT CHARGES
|
IMPOSED PENALTY RS.28,00,000
03-MAY-2012
|
|
| 18 |
|
|
SHRIRAM TRANSPORT FINANCE CO.LTD.
|
|
|
ENGAGED PERSONS OTHER THAN SPECIFIED PERSONS TO PROCURE BUSINESS
|
IMPOSED PENALTY RS.15,00,000
27-SEP-2019
|
|
| 19 |
|
|
TATA AIG GENERAL INSURANCE CO.LTD.
|
|
|
ENTERED INTO ADDITIONAL RELATIONSHIP WITH CORPORATE AGENTS AND INDIVIDUAL AGENTS AND MADE ADDITIONAL PAYOUTS
SOLICITED BUSINESS THROUGH OTHER THAN LICENSED ENTITIES IN NAME OF RETAINERS/FIELD USERS ETC.
ALLOWED CORPORATE AGENT TO SOLICIT BUSINESS EVEN WITHOUT CHIEF INSURANCE EXECUTIVE (CIE)/SPECIFIED PERSON (SP) WITH CORPORATE AGENT AND ALSO ALLOWED TO SOLICIT BUSINESS ON PAN INDIA BASIS WITH A SINGLE SP ONLY
TERMS OF THE TRIPARTITE AGREEMENT ENTERED WAS AGAINST VARIOUS DIRECTIVES/INSTRUCTIONS/GUIDELINES & ACT PROVISIONS
|
IMPOSED PENALTY RS.20,00,000
17-APR-2017
|
|
| 20 |
|
|
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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