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SOURCE OF INFORMATION : INSURANCE REGULATORY & DEVELOPMENT AUTHORITY OF INDIA WEBSITE
PERIOD COVERED : 16-AUG-2002 TO 25-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 MOTOR INSURANCE SERVICE PROVIDERS

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person CHOLA MS GENERAL INSURANCE CO.LTD.  
  ENGAGED WITH AND CORRESPONDING PAYMENTS IN THE NAME OF DISPLAY OF ADVERTISEMENT MATERIAL TO MISPS VIOLATING PARA 15(5)(D) OF IRDA (MISP) DIRECTIVES/INSTRUCTIONS/GUIDELINES   IMPOSED PENALTY RS.1,00,00,000

08-MAR-2021 		 
2
History of entity/person RELIANCE GENERAL INSURANCE CO.LTD.  
  DID NOT SOLICIT INSURANCE POLICIES HAVING SUM INSURED EXCEEDING RS.5 CRORE PER RISK FOR ALL INSURANCES COMBINED

ENGAGED WITH ADVAITH MOTORS AND MADE PAYMENTS FOR OTHER PROFESSIONAL, TECHNICAL AND BUSINESS SERVICES

APPOINTED IN HOUSE EMPLOYEES TO ASSESS THE LOSS BEYOND RS.50,000.00 UNDER MOTOR INSURANCE WHO DID NOT POSSESS THE LICENSE ISSUED BY IRDAI FOR SURVEYOR   		IMPOSED PENALTY RS.2,00,00,000

CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.

03-JAN-2024 		 
3
History of entity/person ROYAL SUNDARAM GENERAL INSURANCE CO.LTD.  
  MADE PAYMENTS TO AUTOMOBILE DEALERS FOR DATA PROCESSING AND POLICY SERVICING AFTER IMPLEMENTATION OF MISP DIRECTIVES/INSTRUCTIONS/GUIDELINES, I.E.AFTER 1ST NOVEMBER 2017 VIOLATING PARA 15(16) OF (MISP) DIRECTIVES/INSTRUCTIONS/GUIDELINES   IMPOSED PENALTY RS.3,00,000

09-APR-2021 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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