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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 MAINTAIN SYSTEM OF INTERNAL CONTROLS & INTERNAL AUDIT

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person ALLIED INSURANCE BROKERS PVT.LTD.  
  DID NOT MAINTAIN SYSTEM OF INTERNAL CONTROLS AND INTERNAL AUDIT

DID NOT RENEW PROFESSIONAL INDEMNITY INSURANCE POLICY IMMEDIATELY AFTER THE EXPIRY OF THE POLICY

DID NOT MAKE DISCLOSURE OF PROPOSED TRANSFER OF SHAREHOLDING TO IRDA

DID NOT APPOINT PRINCIPAL OFFICER

VIOLATED IRDA REGULATION 20 OF REGULATIONS, 2002 BY EXCEEDING THE LIMIT OF BUSINESS SOURCED FROM SINGLE CLIENT   		REJECTED APPLICATION FILED FOR RENEWAL OF LICENSE AS INSURANCE BROKER

CEASED TO ACT AS INSURANCE BROKER

13-JAN-2014 		 
2
History of entity/person PARAMOUNT INSURANCE BROKERS PVT.LTD.  
  DID NOT ADHERED TO THE CONDITIONS ON WHICH THE LICENCE WAS GRANTED

INDULGED IN INDUCEMENT IN CASH OR KIND TO THE CLIENT’S DIRECTORS AND THE PERSONS ACTING AS INTRODUCERS

DID NOT SUBMIT HALF YEARLY ACCOUNTS WITHIN STIPULATED TIME LIMIT

DID NOT MAINTAIN ADEQUATE LIMIT OF INDEMNITY IN PROFESSIONAL INDEMNITY POLICY

DID NOT MAINTAIN SYSTEM OF INTERNAL CONTROLS AND INTERNAL AUDIT

DID NOT MAINTAIN , PRESERVE AND PRODUCE BOOKS OF ACCOUNTS , RECORDS , VOUCHERS ETC.   		CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE BROKER

04-JUL-2007 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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