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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: VIOLATED EARLIER IRDA CIRCULARS/ORDERS

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person AVIVA LIFE INSURANCE CO.INDIA LTD.  
  DID NOT ENSURE INFORMATION PROVIDED TO INVESTIGATING OFFICERS DURING INSPECTION PERIOD

ORGANIZED CONTESTS FOR REFERRAL PARTNERS AND ENTERTAINED BANK STAFF FOR PROMOTING BUSINESS OF COMPANY VIOLATING IRDA CIRCULAR DATED 14/02/2003   		ADVISED STRICTLY ADHERE TO PROVISIONS OF INSURANCE ACT, 1938

15-SEP-2009 		 
2
History of entity/person ING VYSYA LIFE INSURANCE CO.LTD.  
  CHARGED RIDER PREMIUM IN VIOLATION OF PROVISION OF REGULATION 3(1) OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002

DID NOT ADHERE TO FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES

INDULGED IN PROMOTIONAL COMPETITION AMONGST REFERRAL PARTNERS VIOLATING IRDA CIRCULAR DATED 14/02/3003   		ADVISED STRICTLY ADHERE TO PROVISIONS OF INSURANCE ACT, 1938

05-JAN-2010 		 
3
History of entity/person LIFE & GENERAL INSURANCE & REINSURANCE BROKERS PVT.LTD.  
  ACCEPTED APPOINTMENT BY ANOTHER BROKER WITHOUT PROPER MANDATE BY THE CLIENT

DID NOT MAKE DISCLOSURE OF COURT CASES IN RENEWAL APPLICATION

SOLICITED INSURANCE BUSINESS BEFORE THE DATE OF LICENSE

PROVIDED CLAIM CONSULTANCY BEYOND RS.1 CRORE VIOLATING CLAUSE 3(I) AND 3(III) OF IRDA CIRCULAR IRDA/BRK/CIR/GLD/270/12/2011 DATED 07/12/2011   		CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.

DIRECTED TO ABSTAIN FROM ACCEPTING APPOINTMENT BY ANOTHER BROKER WITHOUT PROPER MANDATE BY CLIENT

24-APR-2017 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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