| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 1 |
|
D2C INSURANCE BROKING PVT.LTD.
|
|
|
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
|
IMPOSED PENALTY RS.1,00,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
29-JUN-2021
|
|
| 2 |
|
|
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
|
|
| 3 |
|
|
INDIA INFOLINE INSURANCE BROKERS LTD.
|
|
|
PERMITTED VARIOUS UNLICENSED INDIVIDUALS TO SOLICIT AND PROCURE BUSINESS
DID NOT HAVE NECESSARY INFRASTRUCTURE TO RUN INSURANCE BROKING OPERATIONS VIOLATING REGULATION 8(2)(II) OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
DID NOT MAKE DISCLOSURE OF RELATED PARTY TRANSACTIONS
|
IMPOSED PENALTY RS.2,04,00,000
25-NOV-2019
|
|
| 4 |
|
|
MUTHOOT RISK INSURANCE & BROKING SERVICES PVT.LTD.
|
|
|
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
|
IMPOSED PENALTY RS.1,00,00,000
07-APR-2021
|
|
| 5 |
|
|
RELIANCE LIFE INSURANCE CO.LTD.
|
|
|
INVESTMENT MADE IN EXCESS OF 3% OF FUND SIZE IN FIXED DEPOSITS WERE CATEGORIZED AS APPROVED INVESTMENTS INSTEAD OF OTHER INVESTMENTS
INVESTMENT POLICY EXCLUDED "CAPITAL SECURED FUND” AND “MONEY MARKET FUND” FROM EXPOSURE LIMIT OF 25% OF FUND IN BANKING & FINANCIAL SECTOR
INVESTMENT POLICY ALLOWED HIGHER LIMIT OF 15% OF INDIVIDUAL FUND SIZE FOR EQUITY AS WELL AS DEBT EXPOSURE CONTRARY TO LIMITS PRESCRIBED UNDER IRDA INVESTMENTS REGULATIONS, 2000
DID NOT MAKE PROVISION FOR LIABILITY (I.E.CONSIDERATION FOR USE OF BRANDS)
DID NOT MAKE PROPER DISCLOSURE OF PREMIUM RECEIVED IN ADVANCE
DID NOT SUBMIT CONFIRMATION TOWARDS OUTSTANDING LOANS
DID NOT MAKE DISCLOSURE RELATED TO FULL SURRENDER FEE
DID NOT MAKE DISCLOSURE OF RELATED PARTY TRANSACTIONS
DID NOT MAKE PROVISIONS FOR PREMIUM WAIVER BENEFITS
DID NOT MAKE NOTES OR CLAIMS REPORTING PATTERN FOR IBNR (INCURRED BUT NOT REPORTED)
PAID EXCESS REFERRAL FEES THAN ENVISAGED IN REFERRAL DIRECTIVES/INSTRUCTIONS/GUIDELINES
DEFAULT IN MAKING DISCLOSURE OF OCCUPATIONS
DEATH CLAIMS SETTLED IN FAVOUR OF MASTER POLICY HOLDERS AS AGAINST TO BENEFICIARIES/INSURED
DELAY IN PROCESSING OF REQUESTS FOR PARTIAL WITHDRAWALS UNDER ULIPS
REIMBURSED GROUP MASTER POLICY HOLDER TOWARDS MARKETING & ADVERTISING EXPENSES
PAID SIGNIFICANT AMOUNT TO VARIOUS ENTITIES TOWARDS MARKETING ACTIVITIES
PERMITTED VARIOUS UNLICENSED INDIVIDUALS AND CORPORATES TO SOLICIT AND PROCURE BUSINESS
BUSINESS SOURCED THROUGH UNLICENSED ENTITIES BUT BOOKED UNDER BROKER CODE
SOURCED BUSINESS THROUGH MULTI LEVEL MARKETING THROUGH PERSONS WHO DID NOT POSSESS ANY CERTIFICATE/LICENSE
SIGNATURE OF IRDA LICENSED ADVISOR SPECIFIED PERSON EITHER FORGED OR NOT AVAILABLE VIOLATING IRDA CIRCULAR NO.IRDA/CIR/010/2013 DATED 27/03/2013
|
IMPOSED PENALTY RS.1,77,00,000
11-APR-2014
|
|
| 6 |
|
|
SAFERISK INSURANCE BROKERS PVT.LTD.
|
|
|
INVOLVED UNLICENSED ENTITIES/PERSONS IN SOLICITATION OF BUSINESS
|
IMPOSED PENALTY RS.3,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
31-AUG-2021
|
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
