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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 IRDA (LICENSING OF INSURANCE AGENTS) REGULATION, 2000

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person 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 		 
2
History of entity/person ROYAL SUNDARAM ALLIANCE INSURANCE CO.LTD.  
  MADE PAYMENTS TO CORPORATE AGENTS IN ADDITION TO COMMISSION FOR VARIOUS ACTIVITIES

PAID TO AUTO DEALERS IN THE NATURE OF REMUNERATION TOWARDS OUTSOURCING OF PROMOTIONAL AND BRANDING ACTIVITIES

OUTSOURCED CORE ACTIVITIES LIKE ALLOWING THIRD PARTIES TO DECIDE PREMIUM RATES, TO DO SURVEY AND ASSESS LOSS ETC.

DID NOT MAINTAIN SPECIMEN COPIES OF ADVERTISEMENTS

PROCURED BUSINESS THROUGH UNLICENSED ENTITIES

PAID COMMISSION TO OTHER THAN LICENSED AGENTS

MADE CHANGES TO TARIFF WORDINGS WITHOUT FILING AND TAKING APPROVAL FROM IRDA

ALLOWED DISCOUNTS UP TO 90% UNDER ENGINEERING & FIRE SEGMENTS EVEN THOUGH THE MAXIMUM DISCOUNT ALLOWED WAS 60%

ISSUED GROUP PERSONAL ACCIDENT INSURANCE POLICY (GPA) TO PRIMARY CARD HOLDERS WHICH WAS NOT AS PER FILED VERSION OF THE PRODUCT

DID NOT FILE “SUNDARAM CREDIT PROTECT” WITH IRDA AS PER FILE AND USE DIRECTIVES/INSTRUCTIONS/GUIDELINES

ISSUED UNNAMED POLICY COVERING MEMBERS OF INSURED   		IMPOSED PENALTY RS.40,00,000

06-MAY-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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