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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: VIOLATED DIRECTIVES/INSTRUCTIONS/GUIDELINES ON DISTANCE MARKETING

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person 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 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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