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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: DID NOT ADHERE TO FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES OF IRDA

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person BAJAJ ALLIANZ LIFE INSURANCE CO.LTD.  
  ISSUED MASTER POLICIES WITH ZERO MEMBERSHIP OR WITH LESS THAN PRESCRIBED MINIMUM MEMBERSHIP OF 50

ISSUED CERTIFICATE BY MASTER POLICY HOLDER WITHOUT AUTHORIZATION BY LIFE INSURER

DEDUCTED MORTALITY CHARGES AGAINST TERMS & CONDITIONS OF POLICY CONTRACT

PURCHASED UNITS ON ARBITRARY DATES WHILE SETTLING MATURITY CLAIMS

UTILISED DOUBLE WHILE SETTLING DEATH CLAIMS AND FUND SWITCHES WERE NOT CARRIED OUT CORRECTLY

MADE CLAIM PAYMENTS UNDER GROUP POLICIES PERTAINING TO NON-EMPLOYER-EMPLOYEE GROUP POLICIES IN THE NAME OF GROUP MASTER POLICY HOLDER NOT IN NAME OF BENEFICIARY/CLAIMANT

REJECTED CERTAIN EARLY DEATH CLAIMS AS “UN-CONCLUDED CONTRACTS” WHERE LIFE ASSURED DIED AFTER DATE OF COMMENCEMENT OF RISK UNDER POLICY BUT BEFORE RECEIVING POLICY DOCUMENTS

ENTERED INTO REFERRAL ARRANGEMENTS WITH CERTAIN BANKS WHO WERE NOT LICENSED BY IRDA TO ACT AS CORPORATE AGENTS OR INSURANCE INTERMEDIAREIES

INVESTED IN DEBT INSTRUMENT OF A PRIVATE LIMITED COMPANY VIOLATING SECTION 27A (5) OF INSURANCE ACT, 1938

MADE EXTRA PAYMENTS TO RELATED PARTIES OF SOME INDIVIDUAL AGENTS AND CORPORATE AGENTS   		IMPOSED PENALTY RS.3,10,00,000

21-AUG-2013 		 
2
History of entity/person FUTURE GENERALI INDIA INSURANCE CO.LTD.  
  ALLOWED DISCOUNTS OUTSIDE THE RANGE OF RATES FILED, UNPRINCIPLED RATE CUTTING WITHOUT FILING OF PRICING REVISIONS IN THE PRODUCT AND NUMBER OF DAYS   IMPOSED PENALTY RS.1,00,00,000

10-JUN-2020 		 
3
History of entity/person HDFC STANDARD LIFE INSURANCE CO.LTD.  
  CHANGED TERMS & CONDITIONS OF APPROVED VERSIONS OF PRODUCTS WITHOUT PRIOR APPROVAL FROM IRDA   CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.

03-SEP-2013 		 
4
History of entity/person ICICI LOMBARD GENERAL INSURANCE CO.LTD.  
  PROCURED BUSINESS THROUGH UNLICENSED ENTITIES

PAID NET BROKERAGE HIGHER THAN GROSS BROKERAGE

ALLOWED 15% DISCOUNT FOR PML EXPOSURE WITHOUT FILING AND TAKING APPROVAL FROM IRDA AND RATES CHARGED WERE NOT AS PER RATES FILED WITH IRDA

CHANGED COVERAGE, WORDINGS AND PREMIUM WITHOUT FILING THE SAME WITH IRDA

USED PLAN NAME WHICH WAS FILED WITH IRDA

SUBMITTED INCOMPLETE & MISLEADING INFORMATION TO IRDA

SHOWED TWO DOCUMENTS FOR SAME POLICY HAVING DIFFERENT INSURED’S NAME, DIFFERENCE IN DEDUCTIBLE, SUM INSURED IN AUSTRALIAN DOLLARS IN ONE DOCUMENT AND INR IN ANOTHER DOCUMENT WITHOUT MENTION OF CONSIDERATION (PREMIUM)

LOSS ADJUSTER MENTIONED IN POLICY DOCUMENT WAS NOT IRDA LICENSED SURVEYOR

BOOKED BUSINESS AFTER EXPIRY OF CORPORATE AGENCY LICENSE   		IMPOSED PENALTY RS.50,00,000

17-OCT-2014 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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