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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 COMPANY: FREE LOOK CLAUSE IN POLICY DOCUMENT DID NOT SPECIFY “THE AMOUNT PAYABLE TO THE POLICYHOLDER IN CASE HE OPTS FOR FREE LOOK CANCELLATION” AND RECOVERING PROPORTIONATE POLICY ADMINISTRATION CHARGE PLUS A FIXED DOCUMENT CHARGES

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person SHRIRAM LIFE INSURANCE CO.LTD.  
  ISSUED ADVERTISEMENT WHEREIN AN OFFER OF 2% REBATE WAS MADE IN VIOLATION OF SECTION 41 OF THE INSURANCE ACT, 1938

PERMITTED VARIOUS UNLICENSED INDIVIDUALS TO SOLICIT AND PROCURE BUSINESS

ISSUED AND SENT CHEQUE IN FAVOUR OF MASTER POLICY HOLDER IN CASE OF DEATH CLAIMS

OUTSOURCED PARTIALLY ACTIVITY OF NAV COMPUTATION EVEN THOUGH ASSETS UNDER MANAGEMENT CROSSED RS. 500 CRORE

TOOK TREND OF PREVIOUS WEEK TO KNOW ABOUT AN EXPANSION OR A CONTRACTION OF FUNDS(S) INSTEAD OF DECIDING IT ON A DAILY BASIS

PAID REFERRAL FEES TO ITS GROUP COMPANIES

INCURRED OTHER EXPENSES ON REFERRAL PARTNERS APART FROM REFERRAL FEE

PROVIDED CREDIT OF PREMIUM TO POLICYHOLDERS ONLY FROM DATE OF REALIZATION OF AMOUNT

PAID TRAINING EXPENSES IN ADDITION TO BROKERAGE PAID

DID NOT MENTION IN INSURANCE CERTIFICATE OF NON-EMPLOYER GROUP, THE AMOUNT OF PREMIUM CHARGED AND PROCEDURE TO BE FOLLOWED TO REGISTER CLAIM WITH INSURER INCLUDING FULL ADDRESS OF INSURER

FAILED TO PAY INTEREST ON CLAIM AMOUNT IN CASE OF DELAY OF MORE THAN 30 DAYS FROM DATE OF CLAIM ADMISSION TO DATE OF SETTLEMENT

REPUDIATED DEATH CLAIMS FOR NON-SUBMISSION OF CLAIM REQUIREMENTS WITHOUT ALLOWING SUFFICIENT TIME TO CLAIMANT

FREE LOOK CLAUSE IN POLICY DOCUMENT DID NOT SPECIFY “THE AMOUNT PAYABLE TO THE POLICYHOLDER IN CASE HE OPTS FOR FREE LOOK CANCELLATION” AND RECOVERING PROPORTIONATE POLICY ADMINISTRATION CHARGE PLUS A FIXED DOCUMENT CHARGES   		IMPOSED PENALTY RS.28,00,000

03-MAY-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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