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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: VIOLATED IRDA (INSURANCE BROKERS) REGULATIONS, 2002

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person AON GLOBAL INSURANCE BROKERS PVT.LTD.  
  SHARED BROKERAGE WITH FOREIGN BROKERS VIOLATING PARA 3(B) OF SCHEDULE III UNDER REGULATION 21 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2002

ALLOWED CLIENTS TO REMIT PREMIUMS DIRECTLY TO OFFSHORE BROKERS VIOLATING REGULATIONS 34(1) AND 34(2) OF BROKERS REGULATIONS, 2013   		IMPOSED PENALTY RS.1,00,000

19-SEP-2018 		 
2
History of entity/person LAMBACH INSURANCE BROKERS PVT.LTD.  
  PROVIDED MISLEADING INFORMATION ON WEBSITE

DID NOT MAKE DISCLOSURE OF OPENING OF NEW BRANCH OFFICE

DID NOT INFORM IRDA ABOUT AMENDMENT IN MEMORANDUM OF ASSOCIATION (MOA)

DELAY IN PAYMENT OF ANNUAL FEES

BUSINESS EMANATED BY WELSPUN GROUP ABOVE STIPULATED LIMIT

POLICY SCHEDULE AND CONDITIONS ATTACHED TO POLICY HAD THREE DIFFERENT COMPULSORY EXCESS

AGREEMENTS EXECUTED ON INAPPROPRIATE STAMP PAPERS AND DID NOT BEAR ANY NAME AND SIGNATURE OF WITNESS

EMPLOYED AGENT ON ITS ROLL

PAID FEES WITHOUT ANY SERVICE AGREEMENT AND ANY SUPPORTING DOCUMENTS TO SUBSTANTIATE SERVICES PROVIDED BY VENDORS   		IMPOSED PENALTY RS.15,20,000

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

06-FEB-2015 		 
3
History of entity/person SUSHIL INSURANCE BROKERS PVT.LTD.  
  DID NOT USE ANY SOFTWARE FOR OPERATIONS AS PRESENTED TO IRDA AT TIME OF APPLICATION FOR GRANT OF LICENSE

ENGAGED SERVICES OF EMPLOYEES OTHER THAN QUALIFIED PERSONS IN SOLICIATION OF INSURANCE BUSINESS

DELAY IN PAYMENT OF ANNUAL FEES

DID NOT OBTAIN WRITTEN MANDATE FROM CLIENT AND DEVELOPED TERMS ON THE BASIS OF INFORMATION PROVIDED BY THE CLIENT

DID NOT RE-FILE ADVERTISEMENTS AND CONTINUED TO USE SAID ADVERTISEMENTS

MAINTAINED BOOKS OF ACCOUNTS ON COMMON ACCOUNTING SOFTWARE PLATFORM USED BY SUSHIL FINANCE LTD.

DID NOT ADHERE TO REQUIREMENTS OF RECRUITMENT OF QUALIFIED EMPLOYEES   		IMPOSED PENALTY RS.5,000

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

16-FEB-2015 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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