| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 1 |
|
5PAISA INSURANCE BROKERS LTD.
|
|
|
MADE APPLICATION FOR CERTIFICATE OF REGISTRATION TO ACT AS DIRECT INSURANCE BROKER (LIFE & GENERAL) UNDER THE SAME GROUP VIOLATING REGULATION 37(1) OF IRDAI (INSURANCE BROKERS) REGULATION, 2018
|
REJECTED APPLICATION FILED TO GRANT CERTIFICATION OF REGISTRATION AS INSURANCE BROKER
09-NOV-2021
|
|
| 2 |
|
|
CENTCART INSURANCE BROKING SERVICES PVT.LTD.
|
|
|
DID NOT FILE THE CERTIFICATES DULY CERTIFIED BY AUDITOR
DID NOT SUBMIT PERIODICAL RETURNS AS PER FORMATS/RETURNS PRESCRIBED UNDER IRDAI BUSINESS ANALYTICAL PROJECT
SUBMITTED FALSE OR WRONG CERTIFICATION OR CONCEALMENT OF FACTS IN THE CERTIFICATES TO IRDAI
|
IMPOSED PENALTY RS.3,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
10-NOV-2023
|
|
| 3 |
|
|
DEALMONEY INSURANCE BROKING PVT.LTD.
|
|
|
DID NOT MAKE DISCLOSURE OF MATERIAL INFORMATION ON ITS OWN FORTHWITH VIOLATING REGULATION 7(5) OF IRDA (INSURANCE BROKERS) REGULATIONS, 2018
|
REJECTED APPLICATION FILED TO GRANT CERTIFICATION OF REGISTRATION AS INSURANCE BROKER
16-JUN-2021
|
|
| 4 |
|
|
MARSH INDIA INSURANCE BROKERS PVT.LTD.
|
|
|
DELAY IN REMITTANCE OF PREMIUM TO THE INSURER/ REINSURER VIOLATING CLAUSE (F) OF SCHEDULE II-FORM U UNDER REGULATION 33(2) OF IRDAI (INSURANCE BROKERS) REGULATIONS, 2018
|
IMPOSED PENALTY RS.1,00,00,000
DIRECTED TO UNDERTAKE A REVIEW OF ALL PENDING REMITTANCES AND FILE ACTION TAKEN REPORT INCLUDING STATUS OF PENDING REMITTANCES
DIRECTED TO REVIEW INTERNAL CONTROLS AND IDENTIFY DEFICIENCIES IN PROCESSES AND DRAW ACTION PLAN TO ENSURE THAT ISSUES ARE ADDRESSED AND CORRECTIVE ACTIONS ARE IMPLEMENTED TO BRING AVERAGE DELAY WITH MANDATED TURNAROUND TIMES
14-OCT-2024
|
|
| 5 |
|
|
PROWESS INSURANCE BROKERS PVT.LTD.
|
|
|
ENGAGED IN BUSINESS TRANSACTIONS AFTER EXPIRY OF ITS REGISTRATION
|
IMPOSED PENALTY RS.37,00,000
12-JUL-2024
|
|
| 6 |
|
|
SALASAR SERVICES INSURANCE BROKERS PVT.LTD.
|
|
|
GAVE WRONG AND MISLEADING ADVICE TO LODGE CLAIMS VIOLATING CLAUSE 2 OF CODE OF CONDUCT IN SCHEDULE 1 – FORM H OF IRDA (INSURANCE BROKERS) REGULATIONS, 2018
GAVE WRONG AND MISLEADING ADVICE TO CLIENTS/POLICY HOLDERS VIOLATING CLAUSE 1 OF CODE OF CONDUCT IN SCHEDULE 1 – FORM H OF IRDA (INSURANCE BROKERS) REGULATIONS, 2018
MADE MISLEADING AND EXTRAVAGANT STATEMENTS VIOLATING CLAUSE 10 OF CODE OF CONDUCT IN SCHEDULE 1 – FORM H OF IRDA (INSURANCE BROKERS) REGULATIONS, 2018
|
IMPOSED PENALTY RS.8,00,000
16-JUN-2021
|
|
| 7 |
|
|
UNISON INSURANCE BROKING SERVICES PVT.LTD.
|
|
|
INDULGED IN ISSUANCE OF FRAUDULENT REINSURANCE SLIPS OF CROP REINSURANCE RISK COVER TO TATA-AIG GENERAL INSURANCE COMPANY
|
IMPOSED PENALTY RS.1,00,00,000
08-JAN-2020
|
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
