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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: DEFAULTED IN REFERRAL AGREEMENTS

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person BIRLA SUN LIFE INSURANCE CO.LTD.  
  DEFAULTED IN REFERRAL AGREEMENTS   ADVISED STRICTLY ADHERE TO PROVISIONS OF INSURANCE ACT, 1938

04-JAN-2010 		 
2
History of entity/person ICICI PRUDENTIAL LIFE INSURANCE CO.LTD.  
  DEFAULTED IN REFERRAL AGREEMENTS

ENTERED IN REFERRAL AGREEMENTS WITH NON-BANKING ENTITIES INCLUDING INDIVIDUALS   		ADVISED TO REFRAIN FROM REFERRAL AGREEMENTS

23-MAR-2010 		 
3
History of entity/person ICICI PRUDENTIAL LIFE INSURANCE CO.LTD.  
  PERMITTED VARIOUS UNLICENSED INDIVIDUALS TO SOLICIT AND PROCURE BUSINESS

ENTERED IN REFERRAL AGREEMENTS WITH NON-BANKING ENTITIES INCLUDING INDIVIDUALS

INCURRED OTHER EXPENSES ON REFERRAL PARTNERS APART FROM REFERRAL FEE

PAID NON-COMPETE FEE APART FROM COMMISSION TO CORPORATE AGENTS

MADE OTHER PAYOUTS APART FROM COMMISSIONS IN THE NAME OF BRANCH LEVEL MARKETING, PROMOTIONAL ACTIVITIES, CUSTOMER AWARENESS PROGRAMMES, MARKET FEEDBACK AND OTHER RELATED ACTIVITES TO INSURANCE BROKER

REMUNERATED MASTER POLICYHOLDERS IN THE NAME OF “MARKET SUPPORT FEE” OR “ADMINISTRATIVE FEE”   		IMPOSED PENALTY RS.1,18,00,000

ADVISED INSURANCE COMPANIES TO STRICTLY ADHERE TO IRDA GUIDELINES

24-MAY-2012 		 
4
History of entity/person METLIFE-INDIA INSURANCE CO.LTD.  
  DID NOT ADHERE TO FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES

DEFAULTED IN REFERRAL AGREEMENTS

DID NOT ADHERE TO OBLIGATIONS TOWARDS RURAL SECTOR IN 2008-09

DID NOT HOST INVESTMENT AND ACCOUNTING SERVERS IN INDIA

DID NOT SEND FUND STATEMENTS TO ULIP POLICYHOLDERS

DID NOT PUT IN PLACE MECHANISM REQUIRED FOR APPROPRIATE VALUATION OF ASSETS AND ARRIVING AT “AVAILABLE SOLVENCY MARGIN”

ENGAGED SERVICES OF INDIVIDUALS AND CORPORATES ON ”EXCLUSIVE BASIS” AS CONSULTANTS TO IDENTIFY,RECRUIT,TRAIN,MENTOR AND DEVELOP FINANCIAL ADVISORS

SETTLED DEATH BENEFITS TO GROUP MASTER POLICYHOLDER IN NON-EMPLOYER-EMPLOYEES CASES IN GROUP TERM INSURANCE POLICIES   		IMPOSED PENALTY RS.76,00,000

05-OCT-2012 		 
5
History of entity/person RELIANCE LIFE INSURANCE CO.LTD.  
  OPENED OFFICES WITHOUT OBTAINING PRIOR APPROVAL OF IRDA

DID NOT ISSUE LICENSES IN STIPULATED PERIOD

OUTSOURCED KEY JOBS RELATED TO ISSUE OF LICENSES

ENTERED INTO REFERRAL LIKE AGREEMENTS WITH INDIVIDUALS

PAID EXCESS REFERRAL FEES THAN ENVISAGED IN REFERRAL DIRECTIVES/INSTRUCTIONS/GUIDELINES   		IMPOSED PENALTY RS.5,00,000

DIRECTED TO ABIDE BY RULES AND REGULATIONS ISSUED BY IRDA UNDER PROVISIONS OF THE INSURANCE ACT,1938

DIRECTED NOT TO OUTSOURCE ANY ACTIVITY INVOLVED IN ISSUE AND RENEWAL OF LICENCES

DIRECTED TO CANCEL REFERRAL AGREEMENTS WITH INDIVIDUALS

12-AUG-2010 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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