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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: SUSPENDED LICENSE AS INSURANCE BROKER

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person AVANI INSURANCE SERVICES PVT.LTD.  
  EFFECTED CHANGE IN SHAREHOLDING PATTERN WITHOUT PRIOR INTIMATION TO IRDA   SUSPENDED LICENSE AS INSURANCE BROKER

05-MAY-2004 		REVOKED SUSPENSION ORDER AND APPROVED NEW NAME (PNB PRINCIPAL INSURANCE ADVISORY CO.PVT.LTD.)  
2
History of entity/person CORPORATE RISKS INDIA PVT.LTD.  
  CONDUCTED IMPROPERLY IN RELATION TO PLACEMENT OF REINSURANCE LIABILITY RISK   SUSPENDED LICENSE AS INSURANCE BROKER

27-MAR-2004 		REVOCATION OF SUSPENSION ORDER SUBJECT TO CONDITIONS  
3
History of entity/person JAI SAIRAM INSURANCE BROKING PVT.LTD.  
  FAILED TO PAY PRESCRIBED ANNUAL FEES   SUSPENDED LICENSE AS INSURANCE BROKER

29-JUL-2016 		 
4
History of entity/person JEEVAN SURAKSHA INSURANCE BROKING SERVICES PVT.LTD.  
  ENGAGED SERVICE PROVIDERS FOR SOLICITING AND PROCURING BUSINESS AND OPENING OFFICES FOR LEAD GENERATION

EMPLOYED CANVASSERS FOR LEAD GENERATION AND PROCURING BUSINESS

DID NOT DISCLOSE MATERIAL FACTS IN APPLICATION SUBMITTED TO OBTAIN LICENCE   		SUSPENDED LICENSE AS INSURANCE BROKER

06-JUL-2011 		 
5
History of entity/person MASS INSURANCE BROKERS PVT.LTD.  
  DID NOT FURNISH REQUIRED INFORMATION/DOCUMENTS TO IRDA   SUSPENDED LICENSE AS INSURANCE BROKER TILL FURTHER ORDER

08-JUN-2004 		REVOCATION OF SUSPENSION ORDER  
6
History of entity/person MEGATOP INSURANCE BROKING LTD.  
  COMMITTED BREACH OF CODE OF CONDUCT UNDER IRDA REGULATIONS   SUSPENDED LICENSE AS INSURANCE BROKER

27-JAN-2009 		 
7
History of entity/person MF INSURANCE & REINSURANCE SERVICES  
  COMMITTED BREACH OF CODE OF CONDUCT UNDER IRDA REGULATIONS

COMMITTED SERIOUS IRREGULARITIES BY GIVING WRONG NAMES OF THE REINSURERS   		SUSPENDED LICENSE AS INSURANCE BROKER

09-FEB-2007 		INSURANCE BROKER EXPRESSED THEIR DECISION TO VOLUNTARY SURRENDER THEIR BROKERS LICENCE. AND IRDA SUBSEQUENTLY CANCELLED THE LICENCE.  
8
History of entity/person PEGASUS INSURANCE BROKERS PVT.LTD.  
  DID NOT ADHERE TO CIRCULAR ISSUED BY IRDA   SUSPENDED LICENSE AS INSURANCE BROKER

13-OCT-2004 		BROKER LICENCE CANCELLED AS PER REQUEST OF THE BROKER  
9
History of entity/person VISION INSURANCE RISK ANALYSIS MANAGEMENT & BROKERS PVT. LTD.  
  DID NOT FURNISH COPY OF PROFESSIONAL INDEMNITY INSURANCE COVER TO IRDA   SUSPENDED LICENSE AS INSURANCE BROKER

13-JUL-2005 		REVOCATION OF SUSPENSION ORDER  
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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