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SOURCE OF INFORMATION : INSURANCE REGULATORY & DEVELOPMENT AUTHORITY OF INDIA WEBSITE
PERIOD COVERED : 16-AUG-2002 TO 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 BROKER: DIRECTED INDIAN INSURERS AND REINSURERS AND ITS OFFICES OVERSEAS, FOREIGN REINSURANCE BRANCHES IN INDIA AND INDIAN INSURANCE INTERMEDIARIES NOT TO ENGAGE INTO ANY BUSINESS ACTIVITY WITH CONFIANCE, DIRECTLY OR INDIRECTLY IN WHATSOEVER MANNER

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person CONFIANCE INTERNATIONAL REINSURANCE BROKERS L.L.C.  
  DID NOT ACT WITH DUE CARE AND DILIGENCE

DID NOT CONFIRM COVER TO INSURER AFTER EFFECTING RE-INSURANCE AND DID NOT SUBMIT RELEVANT REINSURANCE ACCEPTANCE AND PLACEMENT SLIPS

DID NOT ENSURE PROMPT REMITTANCE OF FUNDS

DID NOT PROVIDE INSURER A TRUE AND COMPLETE COPY OF REINSURANCE PLACEMENT SLIP TO BE USED BEFORE ENTERING MARKET

ACTED WITH MALAFIDE INTENTIONS AND BETRAYED TRUST OF INSURANCE MARKET

DID NOT FURNISH INSURER/REINSURER TRUE COPY OF PLACEMENT SLIP SIGNED BY THE LEAD REINSURER QUOTING TERMS, INDICATING THEREON, SIGNED LINE OF REINSURER   		PROHIBITED FROM INSURANCE MARKET DIRECTLY OR INDIRECTLY IN WHATSOEVER MANNER FROM 22-FEB-2024 TO 21-FEB-2026

DIRECTED INDIAN INSURERS AND REINSURERS AND ITS OFFICES OVERSEAS, FOREIGN REINSURANCE BRANCHES IN INDIA AND INDIAN INSURANCE INTERMEDIARIES NOT TO ENGAGE INTO ANY BUSINESS ACTIVITY WITH CONFIANCE, DIRECTLY OR INDIRECTLY IN WHATSOEVER MANNER FROM 22-FEB-2024 TO 21-FEB-2026

22-FEB-2024 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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