| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 1 |
|
APOLLO MUNICH HEALTH INSURANCE CO.LTD.
|
|
|
ACCEPTED PREMIUM OF RS.51.21 LACS FROM AGENTS AFTER EXPIRY OF LICENSE
DID NOT CAPTURE LICENSE DATE AND EXPIRY DATE INTO POLICY ADMINISTRATION SYSTEM FROM WHOM BUSINESS SOLICITED AFTER LICENSE EXPIRY
ENTERED INTO AGREEMENT WITH MAKEMYTRIP.COM (MMT), NOT A LICENSED INSURANCE INTERMEDIARY, TO MARKET ITS TRAVEL INSURANCE PRODUCTS AND OTHER SUPPORT SERVICES THROUGH ITS WEBSITE
PAID COMMISSION TO PERSONS, WHICH WERE NOT LICENSED TO SOLICIT BUSINESS
|
IMPOSED PENALTY RS.20,00,000
19-MAR-2015
|
|
| 2 |
|
|
BAJAJ ALLIANZ GENERAL INSURANCE CO.LTD.
|
|
|
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
PAID APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION/REMUNERATION TO CORPOARTE AGENTS
COLLECTED AMOUNT FROM CUSTOMERS AND ISSUED CONSOLIDATED CHEQUE PERIODICALLY IN NAME OF INSURER
|
IMPOSED PENALTY RS.15,00,000
31-JUL-2015
|
|
| 3 |
|
|
BAJAJ ALLIANZ GENERAL INSURANCE CO.LTD.
|
|
|
TRANSACTED MOTOR INSURANCE BUSINESS THROUGH AUTOMOBILE DEALERS WITHOUT APPOINTING THEM AS MOTOR INSURANCE SERVICE PROVIDERS (MISP) TO DISTRIBUTE AND/OR SERVICE MOTOR INSURANCE POLICIES OF AUTOMOTIVE VEHICLES VIOLATING SECTION 42D(8) OF INSURANCE ACT, 1938
|
IMPOSED PENALTY RS.10,00,000
15-APR-2021
|
|
| 4 |
|
|
BANDHAN LIFE INSURANCE LTD.
|
|
|
DID NOT SUBMIT DOCUMENTARY EVIDENCE IN SUPPORT OF HAVING REQUIRED SYSTEMS IN PLACE AND FILING OF SUSPICIOUS TRANSACTIONS REPORTS (STRS) WITHIN SPECIFIED TIME
DID NOT PROVIDE DETAILS OF INSURANCE OMBUDSMAN OF COMPETENT JURISDICTION
STANDARDIZED SCRIPTS DID NOT APPROVE BY COMPLIANCE OFFICER AND DID NOT CONTAIN MANDATORY DISCLOSURE
|
IMPOSED PENALTY RS.1,00,00,000
DIRECTED TO TAKE IMMEDIATE STEPS TO ADDRESS ISSUE POINTED OUT IN AUDIT AND ADHERE TO AML/CFT GUIDELINES ISSUED BY IRDAI IN LETTER AND SPIRIT
DIRECTED TO FILE CERTIFICATE SIGNED BY MD/CEO AND CCO CONFIRMING DUE ADHERENCE OF AML PROCESSES
DIRECTED TO TAKE NECESSARY CORRECTIVE ACTION AND FILE CERTIFICATE SIGNED BY MD/CEO AND CCO CONFIRMING DUE ADHERENCE OF REGULATIONS AND GUIDELINES ON PROTECTION OF POLICYHOLDERS, SYSTEMS AND PROCESSES TO THE EXTANT INSTRUCTIONS
DIRECTED TO FILE CERTIFICATE SIGNED BY MD/CEO AND CCO CONFIRMING DUE ADHERENCE OF STANDARDIZED SCRIPTS AND RELATED DISCLOSURES TO THE EXTANT INSTRUCTIONS/GUIDELINES ISSUED BY IRDAI
15-JUL-2024
|
|
| 5 |
|
|
BHARTI AXA GENERAL INSURANCE CO.LTD.
|
|
|
MADE PAYMENTS DIRECTLY TO MOTOR INSURANCE SERVICE PROVIDER (MISP) AND THE DESIGNATED PERSON FOR THE FACILITIEDS USED AND UNDER INFRASTRUCTURE AND PROFESSIONAL FEE VIOLATING GUIDELINE 15(5)(D) OF MISPG UNDER SECTION 102(B) OF THE INSURANCE ACT,1938
|
IMPOSED PENALTY RS.5,00,000
30-DEC-2020
|
|
| 6 |
|
|
CANARA HSBC ORIENTAL BANK OF COMMERCE LIFE INSURANCE CO.LTD.
|
|
|
FLOATED VARIOUS SALES CAMPAIGNS TO THE EMPLOYEES OF CORPORATE AGENTS WHO WERE NOT LICENSED SPECIFIED PERSONS VIOLATING SECTION 40(1) OF INSURANCE ACT, 1938 AND CLAUSE 21 OF IRDA CIRCULAR NO.017/IRDA/CIRCULAR/CA DIRECTIVES/INSTRUCTIONS/GUIDELINES/2005 DATED 14/07/2005 ON DIRECTIVES/INSTRUCTIONS/GUIDELINES ON LICENSING OF CORPORATE AGENTS
ISSUED AND SENT CHEQUE IN FAVOUR OF MASTER POLICY HOLDER IN CASE OF DEATH CLAIMS
|
IMPOSED PENALTY RS.31,00,000
12-DEC-2014
|
|
| 7 |
|
|
CARE HEALTH INSURANCE LTD.
|
|
|
GRANTED EMPLOYEE STOCK OPTIONS (ESOP) TO NON-EXECUTIVE DIRECTOR DESPITE REJECTED BY IRDAI
|
IMPOSED PENALTY RS.1,00,00,000
DIRECTED TO CANCEL AND REVOKE STOCK OPTIONS
DIRECTED TO SECURE PROPER MANAGEMENT FROM DATE OF ORDER
23-JUL-2024
|
|
| 8 |
|
|
CHOLAMANDALAM MS GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT REPORT TO INSPECTION OBSERVATION ON INDIVIDUAL REFERRALS WHO ARE ALSO AGENTS OF OTHER INSURERS
MADE HIGHER DISCOUNTS IN PREMIUM IN EXCESS OF MAXIMUM DISCOUNT ALLOWED UNDER MOTOR ,ENGINEERING AND TRAVEL POLICIES
ISSUED SPECIAL CONTINGENCY POLICY WITHOUT FILING AND TAKING APPROVAL FROM AUTHORITY
DID NOT PLACE SYSTEM CONTROLS TO ENSURE COMPLIANCE VIOLATING OF SECTION 64-VB OF INSURANCE ACT, 1938
DID NOT MAKE DISCLOSURE OF INFORMATION OF ADD-ON COVERS AND PREMIUM BIFURCATION TOWARDS BASE COVER/OPTIONAL OPTED ADD-ON COVERS IN THE POLICY SCHEDULE VIOLATING PROVISIONS OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.25,00,000
16-DEC-2015
|
|
| 9 |
|
|
FUTURE GENERALI INDIA INSURANCE CO.LTD.
|
|
|
MADE PAYMENTS TO INTERMEDIARIES (BROKERS) UNDER ACCOUNTING HEADS SUCH AS SUPPORT SERVICES,CONSULTANCY ETC.
ENGAGED UNLICENSED INDIVIDUALS/ENTITIES/MOTOR DEALERS/TRAVEL AGENTS/COOPERATIVE BANKS TO SOLICIT INSURANCE BUSINESS AND REMUNERATION WAS PAID IN NAME OF "REIMBURSEMENT OF SUPPORT SERVICES", "CONSULTANCY FEE"
ALLOWED INDIVIDUALS TO SOLICIT INSURANCE BUSINESS WITHOUT HOLDING VALID LICENSE
REFERRAL PARTNERS ENGAGED BY THE INSURER WERE INVOLVED IN SOLICITATION OF INSURANCE AND THE INSURER ISSUED POLICIES TO THE INSURED MENTIONING THE NAME OF THE REFERRAL PARTNER AS "INTERMEDIARY" ON POLICY SCHEDULE
ALLOWED DISCOUNTS ON PREMIUM IN EXCESS OF MAXIMUM DISCOUNT FILED UNDER FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
OFFERED CRITICAL ILLNESS COVER TO MASTER POLICYHOLDER UNDER GROUP HEALTH POLICY BUT TERMS & CONDITIONS UNDER CRITICAL ILLNESS COVER WERE NOT AS PER PRODUCT FILED WITH IRDAI UNDER FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
MADE PAYMENT TO VARIOUS POLICY HOLDERS IN NAME OF SUPPORT CHARGES VIOLATING OF CLAUSE C(4) OF GROUP INSURANCE DIRECTIVES/INSTRUCTIONS/GUIDELINES, 2005
|
IMPOSED PENALTY RS.35,00,000
16-MAY-2016
|
|
| 10 |
|
|
FUTURE GENERALI INDIA INSURANCE CO.LTD.
|
|
|
OFFERED ADD-ON COVER PRIOR TO FILING THE ADD-ON COVER WITH IRDA FOR APPOVAL VIOLATING SECTION 102(B) OF INSURANCE ACT, 1938
OFFERED ADD-ON COVER WITHOUT OBTAINING CONSENT OF POLICYHOLDER VIOLATING REGULATION 3(2) OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.17,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
09-APR-2021
|
|
| 11 |
|
|
FUTURE GENERALI INDIA LIFE INSURANCE CO.LTD.
|
|
|
PURCHASED GIFT VOUCHERS FROM ONE OF THE GROUP COMPANIES AND DISTRIBUTED IN THE NAME OF BRAND BUILDING ACTIVITY AND RECRUITMENT DRIVE OF POTENTIAL ADVISORS VIOLATING REGULATION 23 (F) OF IRDA (REGISTRATION OF INSURANCE COMPANIES) REGULATIONS, 2000
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
PAID COMMISSION TO PERSONS, WHICH WERE NOT LICENSED TO SOLICIT BUSINESS
ENGAGED IN SOLICITATION OF INSURANCE BUSINESS THROUGH MULTILEVEL MARKETING MODEL
ALLOWED AN INDIVIDUAL TO ATTEND DUBAI CONVENTION WHO WAS NEITHER TIED AS AGENT NOR APPOINTED AS A SPECIFIED PERSON BY ANY CORPORATE AGENT
DID NOT HAVE PROPER SYSTEM FOR ADMINISTRATION OF GROUP POLICIES
|
IMPOSED PENALTY RS.50,00,000
10-JUN-2015
|
|
| 12 |
|
|
FUTURE GENERALI INDIA LIFE INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO EXPENSES OF MANAGEMENT (EOM) LIMITS PRESCRIBED UNDER SECTION 40B OF INSURANCE ACT, 1938 READ WITH RULE 17D OF INSURANCE RULES, 1939
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
09-MAR-2016
|
|
| 13 |
|
|
GO DIGIT GENERAL INSURANCE LTD.
|
|
|
CARRIED BUSINESS IN CLASS OF INSURANCE I.E. LIFE INSURANCE BUSINESS IN WHICH THE INSURER HAS NOT GRANTED CERTIFICATE OF REGISTRATION BY IRDAI
|
DIRECTED TO DISCONTINUE PRODUCT “DIGIT GROUP TOTAL PROTECT POLICY”
DIRECTED TO WITHDRAW ALL THE ADVERTISEMENTS REGARDING THE PRODUCT “DIGIT GROUP TOTAL PROTECT POLICY”FROM ALL MEDIA
DIRECTED TO FURNISH ACTION TAKEN REPORT WITHIN FIFTEEN DAYS FROM DATE OF THIS ORDER
DIRECTED TO PLACE THIS ORDER IN IMMEDIATE BOARD MEETING AND SEND CERTIFIED COPY OF MINUTES TO IRDAI
30-DEC-2021
|
|
| 14 |
|
|
HDFC LIFE INSURANCE CO.LTD.
|
|
|
DID NOT HAVE PROPER INTERNAL CONTROLS TO ENSURE THAT ADVANCE PREMIUMS ARE NOT COLLECTED BEYOND THREE MONTHS FOR POLICIES AS PRESCRIBED IN REGULATIONS
DID NOT TRANSFER AMOUNT TO UNCLAIMED FUND EVEN AFTER SIX MONTHS FROM DUE DATE AND CONSEQUENTLY UNCLAIMED FUND WAS NOT DISCLOSED ACCURATELY
DID NOT PROCESS PROPOSALS WITH SPEED AND EFFICIENCY AND DID NOT ADJUST/REFUND THE PREMIUM DEPOSIT WITHIN STIPULATED TIME
DID NOT TRANSFER UNALLOCATED PREMIUM BEYOND SIX MONTHS TO UNCLAIMED AMOUNT
DELAY IN PAYMENT OF MATURITY CLAIMS
DID NOT HAVE ROBUST SYSTEMS IN PLACE TO PROCESS MATURITY CLAIMS AND SURVIVAL BENEFIT
DID NOT REVIEW AND ENSURE THAT THE INTERNAL SYSTEMS AND CONTROLS ARE EFFICIENT ENOUGH TO MANAGE OPERATIONAL ISSUES RELATED TO AGENTS VIZ THEIR APPOINTMENT, RENEWAL AND TERMINATION ETC.
DID NOT TAKE PRIOR APPROVAL OF COMMON DIRECTORSHIP FROM THE AUTHORITY EVEN THOUGH RE-APPOINTMENT
OUTSOURCING PAYMENTS NOT REPORTED TO AUTHORITY UNDER “OUTSOURCING RETURNS” AS PER REGULATION 21 OF IRDAI (OUTSOURCING OF ACTIVITIES BY INDIAN INSURERS) REGULATIONS, 2017
UTILIZED SERVICES OF INSURANCE BROKERS AS A REGULAR TELE-MARKETER OR OUTSOURCING SERVICE PROVIDE AND NOT LIMITING SERVICES AS SPECIFIED IN REGULATIONS
MADE PAYMENTS OTHER THAN COMMISSION/REMUNERATION TO VARIOUS CORPORATE AGENTS
MADE PAYMENTS FOR DISPLAYING BANNERS ON THEIR WEBSITES WITHOUT VENDOR DUE DILIGENCE DOCUMENTS ETC.
MADE EXCESS PAY-OUTS TO INSURANCE BROKER PROPORTIONATE TO BUSINESS PLACE
|
IMPOSED PENALTY RS.2,00,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
DIRECTED TO SUBMIT ACTION TAKEN REPORT
01-AUG-2024
|
|
| 15 |
|
|
ICICI LOMBARD GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT COLLECT BENEFICIARY SHARE OF PREMIUM BEFORE GRANTING COVERAGE VIOLATING SECTION 64VB OF INSURANCE ACT, 1938
MADE VARIOUS MODIFICATIONS TO POLICY WORDING WITHOUT FILING AND TAKING APPROVAL FROM IRDA
|
IMPOSED PENALTY RS.10,00,000
03-SEP-2015
|
|
| 16 |
|
|
IFFCO-TOKIO GENERAL INSURANCE CO.LTD.
|
|
|
MADE PAYMENTS DIRECTLY TO MOTOR INSURANCE SERVICE PROVIDER (MISP) AND THE DESIGNATED PERSON FOR THE FACILITIEDS USED AND UNDER INFRASTRUCTURE AND PROFESSIONAL FEE VIOLATING GUIDELINE 15(5)(D) OF MISPG UNDER SECTION 102(B) OF THE INSURANCE ACT,1938
|
IMPOSED PENALTY RS.5,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
22-APR-2021
|
|
| 17 |
|
|
INDIAFIRST LIFE INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO CIRCULAR ISSUED BY IRDA
CREATED DUMMY CODES IN NEW BUSINESS PROCESSING/POLICY ADMINISTRATION SYSTWEMS AND COMMISSION PAID TO RESPECTIVES CORPORATE AGENTS
FLOATED VARIOUS SALES CAMPAIGNS TO THE EMPLOYEES OF CORPORATE AGENTS IN THE NATURE OF "GIFT CARDS", "ONLINE REDEMPTION POINTS" AND “FOREIGN TRIPS" VIOLATING SECTION 40(1) & 40A OF INSURANCE ACT, 1938
PAID AMOUNT OTHER THAN PERMITTED AGENCY COMMISSION TO CORPORATE AGENT
MADE PAYMENT OF DEATH CLAIM PROCEEDS TO MASTER POLICYHOLDER VIOLATING OF CLAUSE C-7 OF GROUP INSURANCE DIRECTIVES/INSTRUCTIONS/GUIDELINES, 2005
LAUNCHED POLICIES WHICH WERE NOT APPROVED BY IRDA VIOLATING FILE AND USE DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY IRDA
DID NOT OBTAIN CERTIFICATE AT THE END OF THE MEMBERSHIP FORM FROM PROSPECT VIOLATING REGULATION 3(4) & 4(2) OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.65,00,000
26-MAY-2015
|
|
| 18 |
|
|
INDIAFIRST LIFE INSURANCE CO.LTD.
|
|
|
DID NOT MAINTAIN SHADOW ACCOUNT OF SUPERANNUATION FUND AND POLICY ACCOUNT VALUE ON THE WEBSITE VIOLATING IRDAI (NON-LINKED INSURANCE PRODUCTS) REGULATIONS, 2013
DID NOT CALCULATE RISK FOR REINSURANCE ON APPROXIMATE BASIS VIOLATING CLAUSE 6 OF CORPORATE GOVERNANCE DIRECTIVES/INSTRUCTIONS/GUIDELINES
RECOVERED SURRENDER CHARGES ON AUTO FORECLOSURE OF POLICIES
MAINTAINED SEPARATE SHAREHOLDERS’ FUND AND POOLED UNCLAIMED AMOUNTS OF POLICYHOLDERS INTO THIS ACCOUNT VIOLATING IRDA (PREPARATION OF FINANCIAL STATEMENTS AND AUDITORS REPORT OF INSURANCE COMPANIES) REGULATIONS, 2002
MAINTAINED SEPARATE SHAREHOLDERS’ FUND AND POOLED UNCLAIMED AMOUNTS OF POLICYHOLDERS INTO THIS ACCOUNT VIOLATING SECTIONS 10 & 11 OF INSURANCE ACT,1938
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
05-MAY-2017
|
|
| 19 |
|
|
LIBERTY GENERAL INSURANCE LTD.
|
|
|
MADE PAYMENTS DIRECTLY TO MOTOR INSURANCE SERVICE PROVIDER (MISP) AND THE DESIGNATED PERSON FOR THE FACILITIEDS USED AND UNDER INFRASTRUCTURE AND PROFESSIONAL FEE VIOLATING GUIDELINE 15(5)(D) OF MISPG UNDER SECTION 102(B) OF THE INSURANCE ACT,1938
|
IMPOSED PENALTY RS.13,00,000
15-APR-2021
|
|
| 20 |
|
|
LIBERTY VIDEOCON GENERAL INSURANCE CO.LTD.
|
|
|
CREATED INTERMEDIARY CODES FOR UNAUTHORISED ENTITIES, SOLICITED BUSINESS THROUGH THESE ENTITIES, BOOKED UNDER DIRECT CHANNEL AND MADE PAYMENT IN THE NAME OF OUTSOURCED ACTIVITIES
PAID PROFESSIONAL FEE APART FROM STIPULATED INSURANCE COMMISSION TO INDIVIDUAL AGENTS
DID NOT MAKE DISCLOSURE OF PROFESSIONAL FEE PAID TO INDIVIDUAL AGENTS APART FROM STIPULATED INSURANCE COMMISSION TO IRDA AS REQUIRED UNDER FORM 31B (2) OF INSURANCE ACT, 1938
DISTORTED RATING STRUCTURE WITH HIGH DISCOUNTS ON BASIC RATE AND COVERED BASIC PREMIUM BY OVERCHARGING ON CATASTROPHIC PERILS, MISLED REINSURANCE BROKERS TO DEVELOP APPROPRIATE REINSURANCE TERMS IN REINSURANCE MARKET
|
IMPOSED PENALTY RS.15,00,000
22-DEC-2016
|
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
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