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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 TO REVIEW INTERNAL CONTROLS AND IDENTIFY DEFICIENCIES IN PROCESSES AND DRAW ACTION PLAN TO ENSURE THAT ISSUES ARE ADDRESSED AND CORRECTIVE ACTIONS ARE IMPLEMENTED TO BRING AVERAGE DELAY WITH MANDATED TURNAROUND TIMES

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person MARSH INDIA INSURANCE BROKERS PVT.LTD.  
  DELAY IN REMITTANCE OF PREMIUM TO THE INSURER/ REINSURER VIOLATING CLAUSE (F) OF SCHEDULE II-FORM U UNDER REGULATION 33(2) OF IRDAI (INSURANCE BROKERS) REGULATIONS, 2018   IMPOSED PENALTY RS.1,00,00,000

DIRECTED TO UNDERTAKE A REVIEW OF ALL PENDING REMITTANCES AND FILE ACTION TAKEN REPORT INCLUDING STATUS OF PENDING REMITTANCES

DIRECTED TO REVIEW INTERNAL CONTROLS AND IDENTIFY DEFICIENCIES IN PROCESSES AND DRAW ACTION PLAN TO ENSURE THAT ISSUES ARE ADDRESSED AND CORRECTIVE ACTIONS ARE IMPLEMENTED TO BRING AVERAGE DELAY WITH MANDATED TURNAROUND TIMES

14-OCT-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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