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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 (REGISTRATION OF INDIAN INSURANCE COMPANIES) REGULATIONS, 2000

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person EDELWEISS TOKIO LIFE INSURANCE CO.LTD.  
  DID NOT TAKE PRIOR APPROVAL FROM IRDA FOR CHANGE IN SHAREHOLDING PATTERN

DID NOT SUBMIT DETAILS OF EXPIRY OF THE JOINT VENTURE AGREEMENT DATED 28/11/2009 ENTERED BETWEEN EDELWEISS FINANCIAL SERVICES LTD. AND TOKIO MARINE & NICHIDO FIRE INSURANCE CO.LTD.   		IMPOSED PENALTY RS.20,00,000

CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.

04-APR-2024 		 
2
History of entity/person GO DIGIT GENERAL INSURANCE LTD.  
  DELAY IN REMITTANCE OF PREMIUM BY MOTOR INSURANCE SERVICE PROVIDER (MISP)

USED CLAUSES/TERMS IN STANDARD OPERATING PROCEDURE (SOP) RELATED TO PROCESSING OF MOTOR INSURANCE CLAIMS AGAINST THE INTEREST OF POLICYHOLDERS

DID NOT SEND INITIAL ASSESSMENT OF LOSS OR FINAL SETTLEMENT LETTER TO POLICYHOLDER   		IMPOSED PENALTY RS.5,00,000

CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.

29-JAN-2021 		 
3
History of entity/person GO DIGIT GENERAL INSURANCE LTD.  
  DELAY IN SUBMISSION OF JOINT VENTURE AMENDMENT AGREEMENT TO IRDAI   IMPOSED PENALTY RS.1,00,00,000

02-MAY-2024 		 
4
History of entity/person NATIONAL INSURANCE CO.LTD.,THE  
  MADE ADDITIONAL PAYOUTS TOWARDS OTHER SERVICES OVER AND ABOVE COMMISSION

ENTERED INTO AGREEMENTS TO PROVIDE INSURER SERVICES WHICH WERE REQUIRED TO BE EITHER PERFORMED BY A LICENSED INTERMEDIARY OR BY THE INSURER AND NOT PERMITTED TO BE OUTSOURCED

ALLOWED DISCOUNTS/DISCRETIONARY DISCOUNTS OVER AND ABOVE APPROVED STRUCTURE   		IMPOSED PENALTY RS.15,00,000

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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