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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: OPENED OFFICES WITHOUT OBTAINING PRIOR APPROVAL OF IRDA

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person BAJAJ ALLIANZ LIFE INSURANCE CO.LTD.  
  OPENED OFFICES WITHOUT OBTAINING PRIOR APPROVAL OF IRDA   IMPOSED PENALTY RS.5,00,000

21-AUG-2007 		 
2
History of entity/person RELIANCE LIFE INSURANCE CO.LTD.  
  OPENED OFFICES WITHOUT OBTAINING PRIOR APPROVAL OF IRDA

DID NOT ISSUE LICENSES IN STIPULATED PERIOD

OUTSOURCED KEY JOBS RELATED TO ISSUE OF LICENSES

ENTERED INTO REFERRAL LIKE AGREEMENTS WITH INDIVIDUALS

PAID EXCESS REFERRAL FEES THAN ENVISAGED IN REFERRAL DIRECTIVES/INSTRUCTIONS/GUIDELINES   		IMPOSED PENALTY RS.5,00,000

DIRECTED TO ABIDE BY RULES AND REGULATIONS ISSUED BY IRDA UNDER PROVISIONS OF THE INSURANCE ACT,1938

DIRECTED NOT TO OUTSOURCE ANY ACTIVITY INVOLVED IN ISSUE AND RENEWAL OF LICENCES

DIRECTED TO CANCEL REFERRAL AGREEMENTS WITH INDIVIDUALS

12-AUG-2010 		 
3
History of entity/person SAHARA INDIA LIFE INSURANCE CO.LTD.  
  OPENED OFFICES WITHOUT OBTAINING PRIOR APPROVAL OF IRDA   ADVISED STRICTLY ADHERE TO PROVISIONS OF INSURANCE ACT, 1938

19-MAY-2010 		IRDA VIDE ITS PUBLIC NOTICE DATED 23/06/2017 DIRECTED SAHARA TO NOT TO PROCURE / COLLECT PROPOSAL DEPOSITS / UNDERWRITE NEW BUSINESS WITH IMMEDIATE EFFECT, I.E., CLOSE OF BUSINESS ON 23/06/2017. DIRECTED SAHARA INDIA LIFE INSURANCE CO.LTD. TO INFORM ALL CONCERNED AGENTS / INTERMEDIARIES OF THE ABOVE DIRECTION AND ENSURE THAT THEY DO NOT PROCURE / COLLECT PROPOSAL DEPOSITS TOWARDS NEW INSURANCE BUSINESS IMMEDIATELY ON RECEIPT OF THIS ORDER. FURTHER, DIRECTED TO CONTINUE TO COLLECT AND ACCOUNT FOR THE RENEWAL PREMIUM AND SERVICE THE EXISTING BUSINESS AND POLICYHOLDERS, UNHINDERED

IRDA VIDE ITS NOTICE DATED 12/06/2017 APPOINTED MR.R.K.SHARMA, GM (F&A-NL), IRDAI AS ADMINISTRATOR FOR MANAGING THE AFFAIRS OF SAHARA INDIA LIFE INSURANCE CO.LTD., WITH IMMEDIATE EFFECT  
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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