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SOURCE OF INFORMATION : INSURANCE REGULATORY & DEVELOPMENT AUTHORITY OF INDIA WEBSITE
UPDATED TILL : 21-NOV-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 AGENT (CORPORATE): VIOLATED IRDAI (REGISTRATION OF CORPORATE AGENT) REGULATIONS, 2015

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person ANGEL FINANCIAL ADVISORS PVT.LTD.  
  PROCURED BUSINESS THROUGH UNLICENSED ENTITIES

PROCURED BUSINESS THROUGH OTHER THAN “SPECIFIED PERSONS” VIOLATING CLAUSE 3(II)(A) AND 3(II)(M) OF SCHEDULE 3 UNDER REGULATION 26 OF IRDAI (REGISTRATION OF CORPORATE AGENT) REGULATIONS, 2015

DID NOT HAVE PROFESSIONAL INDEMNITY POLICY WITH INDEMNITY CLAUSE AND GENERAL CONDITIONS NOT IN LINE WITH PRESCRIBED REGULATION VIOLATING CLAUSE 1(D) OF SCHEDULE II UNDER REGULATION 19(3) OF IRDAI (REGISTRATION OF CORPORATE AGENTS) REGULATIONS, 2015

HAVE PROFESSIONAL INDEMNITY POLICY WITH RETROACTIVE DATE VIOLATING CLAUSE 2(A) OF SCHEDULE II UNDER REGULATION 19 OF IRDAI (REGISTRATION OF CORPORATE AGENTS) REGULATIONS, 2015

COMPELLED BUYER OF THE OTHER PRODUCT TO NECESSARILY BUY INSURANCE PRODUCT VIOLATING PARA 16 OF IRDA CIRCULAR NO.017/IRDA/CIRCULAR/CA GUIDELINES/2005 DATED 14/07/2005 (GUIDELINES ON LICENSING OF CORPORATE AGENTS), 2005 READ WITH CLAUSE 3(II)(A) OF CODE OF CONDUCT UNDER REGULATION 26 OF IRDAI (REGISTRATION OF CORPORATE AGENTS) REGULATIONS, 2015   		IMPOSED PENALTY RS.27,00,000

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

20-DEC-2021 		 
2
History of entity/person BAJAJ FINANCE LTD.  
  DID NOT HAVE REQUIRED SYSTEM IN PLACE TO RECOGNIZE COMMISSION/REMUNERATION RECEIVED FROM INSURERS IN BOOKS OF ACCOUNT

SERIOUS GAPS IN PAYMENTS RECEIVED FROM BAJAJ ALLIANZ GENERAL INSURANCE CO.LTD. BY CORPORATE AGENT AND PAYMENTS RECEIVED BY CORPORATE AGENT

AGREEMENTS ENTERED WITH TELE-MARKETERS DID NOT INCORPORATE MAINTENANCE/PRESERVING OF RECORDINGS OF ALL CALLS, RECORDS OF AUTHORIZED VERIFIERS INCLUDING THEIR TRAINING & ASSESSMENT PARTICULARS AND AVAILABILITY OF RECORDS FOR INSPECTION BY IRDAI

DID NOT MAINTAIN COPIES OF PROPOSAL AND APPLICATION FORMS DULY SIGNED BY CLIENT AND SUBMITTED TO INSURER AND CERTIFICATES OF INSURANCES WITH IT   		IMPOSED PENALTY RS.2,00,00,000

DIRECTED TO TAKE NECESSARY REMEDIAL ACTION AND FILE CERTIFICATE REGARDING ACCURACY OF ACCOUNTING SYSTEMS IN COMPLYING WITH REGULATORY PRESCRIPTIONS

15-JUL-2024 		 
3
History of entity/person BILLIONBRAINS GARAGE VENTURES PVT.LTD.  
  DELAY IN INFORMING MATERIAL INFORMATION OF MERGER & AMALGAMATION SCHEME TO IRDAI VIOLATING REGULATION 22(1) OF IRDAI (REGISTRATION OF CORPORATE AGENT) REGULATIONS, 2015   IMPOSED PENALTY RS.5,00,000

14-JUN-2024 		 
4
History of entity/person CORPORATION BANK  
  DID NOT MAINTAIN RECORDS CAPTURING THE DETAILS OF SPECIFIED PERSONS ALONG WITH RESPECTIVE INSURANCE POLICIES

DID NOT CAPTURE THE IDENTITY (NAME, CODE AND/OR SIGNATURE) OF SPECIFIED PERSONS WHO HAD PROCURED THAT POLICY

PROCURED BUSINESS WITHOUT VALID CERTIFICATE, USING UNTRAINED PERSONS FOR SOLICITATION ETC.

CHARGED AND DEBITED AMOUNT AS BANK CHARGES FROM THE ACCOUNTS OF POLICYHOLDERS AT A SPECIFIC RATE VARYING BY SUM ASSURED

DELAY IN DEPOSITING INSURANCE PREMIUM WITH INSURER   		IMPOSED PENALTY RS.46,00,000

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

06-AUG-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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