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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 THIRD PARTY ADMINISTRATOR (TPA): DIRECTED ALL INSURER HAVING TPA AGREEMENT WITH HAPPY TPA TO IMMEDIATELY TAKE SUCH ALTERNATIVE STEPS INCLUDING APPOINTMENT OF ANOTHER TPA

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person HAPPY INSURANCE TPA SERVICES PVT.LTD.  
  DID NOT MAINTAIN VALID REGISTRATION PERTAINING TO ITS DIRECTOR HAVING MEDICAL QUALIFICATION

SUBMITTED TPA-6 FORMS AFTER EXPIRY OF THREE YEARS FROM THE DATE OF APPOINTMENT OF NEW DIRECTORS ON THE BOARD OF COMPANY

DID NOT TAKE PRIOR APPROVAL FROM IRDA FOR CHANGE IN SHAREHOLDING PATTERN

DID NOT ADHERE TO WORKING CAPITAL REQUIREMENTS   		REJECTED APPLICATION FILED FOR RENEWAL OF LICENCE (TPA)

ADVISED TO REMOVE WORD TPA FROM NAME OF THE COMPANY

DIRECTED ALL INSURER HAVING TPA AGREEMENT WITH HAPPY TPA TO IMMEDIATELY TAKE SUCH ALTERNATIVE STEPS INCLUDING APPOINTMENT OF ANOTHER TPA

DIRECTED TO SUBMIT DATA COLLECTION AND BOOKS, RECORDS OR DOCUMENTS ETC. RELATING TO TPA BUSINESS

DIRECTED TO CO-OPERATE WITH INSURANCE COMPANIES IN MAKING SUITABLE ALTERNATE ARRANGEMENTS TO SERVICE POLICY HOLDERS IN RESPECT OF WHOM POLICIES ARE IN FORCE

DIRECTED TO RECONCILE AND CLOSE THE ACCOUNTS WITH CONCERNED INSURANCE COMPANIES AND NETWORK PROVIDERS

19-JUL-2016 		IRDA VIDE ITS ORDER DATED 22/01/2018 A) ADVISED TO REMOVE THE WORD TPA FROM THE NAME OT ITS COMPANY AND SHALL NOT DO TPA BUSINESS B) ALL INSURERS HAVING TPA AGREEMENT WITH HAPPY TPA, SHALL IMMEDIATELY TAKE SUCH ALTERNATIVE STEPS INCLUDING APPOINTMENT OF ANOTHER TPA, IF ANY, AS MAY BE NECESSARY TO CONTINUE TO CATER TO THE POLICY HOLDERS SERVED BY HAPPY TPA C) HAPPY TPA SHALL IMMEDIATELY SUBMIT DATA COLLECTION AND THE BOOKS, RECORDS OR DOCUMENTS ETC., RELATING TO TPA BUSINESS CARRIED ON IT TO RESPECTIVE INSURERS D) SHALL COOPERATE WITH INSURANCE COMPANIES IN MAKING SUITABLE ALTERNATE ARRAGEMENTS TO SERVICE THE POLICY HOLDERS IN RESPECT OF WHOM THE POLICIES ARE IN FORCE E) SHALL RECONCILE AND CLOSE THE ACCOUNTS WITH CONCERNED INSURANCE COMPANIES AND NETWORK PROVIDERS, IF ANY  
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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