| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 1 |
|
AEGON RELIGARE LIFE INSURANCE CO.LTD.
|
|
|
DID NOT FURNISH COPY OF PROPOSAL FORMS OF POLICIES TO POLICYHOLDERS
DELAY IN PROCESSING OF REQUESTS FOR SURRENDER/SETTLEMENT
PROPOSAL RELATED DOCUMENTS AND CONFIDENTIAL REPORTS NOT SIGNED BY AGENTS
DID NOT REPORT IRDA ABOUT OUTSOURCING AGREEMENT AND PAYMENTS MADE
ENTERED AGREEMENT FOR VARIOUS ACTIVITIES AND FURTHER ENGAGED SERVICES OF UNLICENSED ENTITIES/PERSONS FOR SOLICITATION OF INSURANCE BUSINESS
PAID AMOUNT TO REFERRAL PARTNER
MADE PAYMENTS TO NASHIK DISTRICT CENTRAL CO-OPERATIVE BANK LTD., DURING INTERVENING PERIOD WHEN IT WAS NOT ENGAGED AS REFERRAL PARTNER
FLOATED VARIOUS CONTESTS TO INSURANCE BROKERS & EMPLOYEES OF BROKERS AND REWARED OVER & ABOVE COMMISSION/BROKERAGE
|
IMPOSED PENALTY RS.40,00,000
17-SEP-2014
|
|
| 2 |
|
|
CONFIANCE INTERNATIONAL REINSURANCE BROKERS L.L.C.
|
|
|
DID NOT ACT WITH DUE CARE AND DILIGENCE
DID NOT CONFIRM COVER TO INSURER AFTER EFFECTING RE-INSURANCE AND DID NOT SUBMIT RELEVANT REINSURANCE ACCEPTANCE AND PLACEMENT SLIPS
DID NOT ENSURE PROMPT REMITTANCE OF FUNDS
DID NOT PROVIDE INSURER A TRUE AND COMPLETE COPY OF REINSURANCE PLACEMENT SLIP TO BE USED BEFORE ENTERING MARKET
ACTED WITH MALAFIDE INTENTIONS AND BETRAYED TRUST OF INSURANCE MARKET
DID NOT FURNISH INSURER/REINSURER TRUE COPY OF PLACEMENT SLIP SIGNED BY THE LEAD REINSURER QUOTING TERMS, INDICATING THEREON, SIGNED LINE OF REINSURER
|
PROHIBITED FROM INSURANCE MARKET DIRECTLY OR INDIRECTLY IN WHATSOEVER MANNER FROM 22-FEB-2024 TO 21-FEB-2026
DIRECTED INDIAN INSURERS AND REINSURERS AND ITS OFFICES OVERSEAS, FOREIGN REINSURANCE BRANCHES IN INDIA AND INDIAN INSURANCE INTERMEDIARIES NOT TO ENGAGE INTO ANY BUSINESS ACTIVITY WITH CONFIANCE, DIRECTLY OR INDIRECTLY IN WHATSOEVER MANNER FROM 22-FEB-2024 TO 21-FEB-2026
22-FEB-2024
|
|
| 3 |
|
|
DEINON RISK SERVICES PVT.LTD.
|
|
|
ACTED AS INSURANCE BROKER WITHOUT REGISTRATION FROM IRDAI
|
IMPOSED PENALTY RS.10,00,000
23-MAY-2022
|
|
| 4 |
|
|
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
|
|
| 5 |
|
|
LIFE INSURANCE CORP.OF INDIA
|
|
|
PROPOSAL FORMS ALTERED WITHOUT NECESSARY AUTHENTICATION FROM PROPOSERS AND POLICIES ISSUED WITH TERMS & CONDITIONS OTHER THAN AS APPLIED BY PROPOSERS
DID NOT ADHERE TO THE DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY IRDA ON INVESTMENTS
|
IMPOSED PENALTY RS.10,00,000
12-FEB-2015
|
|
| 6 |
|
|
MAX LIFE INSURANCE CO.LTD.
|
|
|
MISUSED DUAL RELATIONSHIP OF BANK AS A SHAREHOLDER AND CORPORATE AGENT
DID NOT OBTAIN PRIOR APPROVAL FOR TRANSFER OF SHARES TO AXIS BANK LTD. AND ITS GROUP COMPANIES
UNDERTOOK AND FACILITATED TRANSACTIONS OF TRANSFER OF SHARES BETWEEN PARTIES
|
IMPOSED PENALTY RS.3,00,00,000
13-OCT-2022
|
|
| 7 |
|
|
RELIANCE NIPPON LIFE INSURANCE CO.LTD.
|
|
|
DID NOT FURNISH CERTIFICATE FROM APPOINTED ACTUARY NOR DEMONSTRATED THAT THE INTEREST OF POLICYHOLDERS WAS NOT AFFECTED DUE TO EXCESS OF EXPENSES OVER PRESCRIBED LIMITS VIOLATING SECTION 64K(2) OF THE INSURANCE ACT,1938
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
16-JUL-2019
|
|
| 8 |
|
|
SAHARA INDIA LIFE INSURANCE CO.LTD.
|
|
|
TRANSFERRED FUNDS TO GROUP ENTITY SAHARA INDIA IN THE NAME OF SECURITY DEPOSIT
DID NOT RESPOND TO IRDAI QUERIES RAISED ON ITS FINANCIAL STATEMENTS
DID NOT VEST SUFFICIENT POWERS WITH WHOLE TIME DIRECTOR (WTD) AND CEO COMMENSURATE WITH THEIR ROLES AND RESPONSIBILITIES
OPERATED WITHOUT BOARD APPROVED BUSINESS PLAN
DID NOT PROVIDE RECONCILIATION OF BANK ACCOUNTS
LONG PENDING PROPOSAL DEPOSITS FOR REFUND
DID NOT HAVE INTERNAL CONTROLS IN PLACE
|
DIRECTED TO TAKE IMMEDIATE STEPS TO RECOVER ADVANCE OF RS.78.15 CRORE FROM SAHARA INDIA
DIRECTED TO TRANSFER SHAREHOLDING TO OTHER FIT AND PROPER PROMOTERS
DIRECTED TO SUBMIT PROPER BOARD APPROVED BUSINESS PLAN TO IRDAI
DIRECTED TO RECONCILE ALL REMAINING UNRECONCILED BANK ACCOUNTS WITHIN TWO MONTHS
DIRECTED TO STRENGTHEN INTERNAL CONTROL SYSTEMS AND CONDUCT BUSINESS IN ACCORDANCE WITH CORPORATE GOVERNANCE
30-DEC-2020
|
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
