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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: REMUNERATED MASTER POLICYHOLDERS TOWARDS ADMINISTRATIVE EXPENSES

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person 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 		 
2
History of entity/person KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LTD.  
  REPUDIATED DEATH CLAIMS FOR NON-SUBMISSION OF CLAIM REQUIREMENTS WITHOUT ALLOWING SUFFICIENT TIME TO CLAIMANT

REMUNERATED MASTER POLICYHOLDERS TOWARDS ADMINISTRATIVE FEE

MODIFIED POLICY TERMS OF COMPLETE COVER GROUP PLANS WITHOUT GETTING CLEARANCE FROM IRDA   		IMPOSED PENALTY RS.22,00,000

07-SEP-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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