| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 1 |
|
BIRLA SUN LIFE INSURANCE CO.LTD.
|
|
|
ADJUSTED EXCESS PREMIUM RECEIVED OVER AND ABOVE ANNUALIZED PREMIUM ON THE DAY OF RECEIPT OF PREMIUM INSTEAD OF ADJUSTING THE PREMIUMS AT RESPECTIVE DUE DATES VIOLATING IRDA LINKED INSURANCE PRODUCTS) REGULATIONS, 2013
EXCLUSION CLAUSE WAS NOT MENTIONED IN F&U APPLICATION WHICH WAS APPROVED FOR SINGLE PREMIUM GROUP TERM POLICY VIOLATING FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
DID NOT MAKE DISCLOSURE OF BUSINESS MENTORS AS OUTSOURCE ACTIVITY REQUIRED UNDER OUTSOURCING DIRECTIVES/INSTRUCTIONS/GUIDELINES
PROVIDED GIFT CARDS/FOREIGN TRIPS/CONTESTS TO THE EMPLOYEES OF CORPORATE AGENTS AND BROKERS VIOLATING CORPORATE AGENTS DIRECTIVES/INSTRUCTIONS/GUIDELINES
|
IMPOSED PENALTY RS.20,00,000
08-DEC-2016
|
|
| 2 |
|
|
CHOLAMANDALAM MS GENERAL INSURANCE CO.LTD.
|
|
|
PAID COMMISSION ON PORTED HEALTH POLICIES VIOLATING CLAUSE 15 OF SCHEDULE I OF IRDA (HEALTH INSURANCE) REGULATIONS, 2013
PAID FEE WITHOUT HAVING UPPER CAP/LIMIT ON FEE PAYABLE
DID NOT ADHERE TO CIRCULAR ON PROVIDING OF INFORMATION OF AGENCY CONTACT DETAILS IN POLICY DOCUMENT
|
IMPOSED PENALTY RS.1,01,00,000
22-OCT-2019
|
|
| 3 |
|
|
DHFL PRAMERICA LIFE INSURANCE CO.LTD.
|
|
|
ENTERED INTO OUTSOURCING AGREEMENTS WITH ENTITIES OWNED/RELATED TO INDIVIDUAL AGENTS AND MADE EXTRA PAYOUTS
ENTERED INTO AGREEMENTS WITH RELATED PARTIES OF CORPORATE AGENTS TO OBTAIN SERVICES AND MADE PAYMENTS TO ENTITIES
NAMED AN INDIVIDUAL (HOLDING A LICENSE AS AN INDIVIDUAL AGENT) AS CORPORATE INSURANCE EXECUTIVE (CIE) OF A CORPORATE AGENT
|
IMPOSED PENALTY RS.15,00,000
13-APR-2016
|
|
| 4 |
|
|
HDFC ERGO GENERAL INSURANCE CO.LTD.
|
|
|
ALLOTTED MANY ONLINE ACCESS CODES TO INDIVIDUAL AGENT
INVOLVED UNLICENSED ENTITIES/PERSONS IN SOLICITATION OF BUSINESS
ALLOWED LICENSED ENTITY TO ACT AS VENDOR VIOLATING OURSOURCING DIRECTIVES/INSTRUCTIONS/GUIDELINES
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES AND MADE ADDITIONAL PAYOUTS WITHOUT ANY WRITTEN CONTRACT AND DID NOT MAKE DISCLOSURE OF THIS INFORMATION IN OUTSOURCING STATEMENTS
|
IMPOSED PENALTY RS.15,00,000
21-DEC-2016
|
|
| 5 |
|
|
HDFC STANDARD LIFE INSURANCE CO.LTD.
|
|
|
CHARGED HIGHER PREMIUM TO COVER MEMBERS OF AGE 50 YEARS AND ABOVE WITHOUT REPORTING TO IRDA
PAID FOR FOREIGN TRIPS TO THIRD PARTY VENDORS FOR EMPLOYEES/SPECIFIED PERSONS OF THE CORPORATE AGENT
OFFERED FINANCIAL AND/OR NON FINANCIAL INCENTIVES DIRECTLY TO EMPLOYEES/SPECIFIED PERSONS
SPONSORED FOREIGN TRIPS TO EMPLOYEES OF THE BROKERS IN THE NAME OF TRAINING
|
IMPOSED PENALTY RS.15,00,000
11-JAN-2017
|
|
| 6 |
|
|
ICICI LIFE INSURANCE CO.LTD.
|
|
|
MADE PAYMENTS DIRECTLY TO EMPLOYEES OF OUTSOURCED ENTITY OVER AND ABOVE AGREED CONTRACT TERMS & CONDITIONS VIOLATING PROVISIONS OF CLAUSE 9.5 AND 9.6 (II) OF OUTSIURCING DIRECTIVES/INSTRUCTIONS/GUIDELINES
|
IMPOSED PENALTY RS.5,00,000
09-OCT-2015
|
|
| 7 |
|
|
LIBERTY VIDEOCON GENERAL INSURANCE CO.LTD.
|
|
|
CREATED INTERMEDIARY CODES FOR UNAUTHORISED ENTITIES, SOLICITED BUSINESS THROUGH THESE ENTITIES, BOOKED UNDER DIRECT CHANNEL AND MADE PAYMENT IN THE NAME OF OUTSOURCED ACTIVITIES
PAID PROFESSIONAL FEE APART FROM STIPULATED INSURANCE COMMISSION TO INDIVIDUAL AGENTS
DID NOT MAKE DISCLOSURE OF PROFESSIONAL FEE PAID TO INDIVIDUAL AGENTS APART FROM STIPULATED INSURANCE COMMISSION TO IRDA AS REQUIRED UNDER FORM 31B (2) OF INSURANCE ACT, 1938
DISTORTED RATING STRUCTURE WITH HIGH DISCOUNTS ON BASIC RATE AND COVERED BASIC PREMIUM BY OVERCHARGING ON CATASTROPHIC PERILS, MISLED REINSURANCE BROKERS TO DEVELOP APPROPRIATE REINSURANCE TERMS IN REINSURANCE MARKET
|
IMPOSED PENALTY RS.15,00,000
22-DEC-2016
|
|
| 8 |
|
|
MAX LIFE INSURANCE CO.LTD.
|
|
|
COLLECTION OF RENEWAL PREMIUM OUTSOURCED EVEN THOUGH SERVICE PROVIDER DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF OUTSOURCING DIRECTIVES/INSTRUCTIONS/GUIDELINES
FIXED SERVICE FEE FOR CERTAIN ACTIVITIES IRRESPECTIVE OF THE PREMIUM SIZE, WITHOUT ADOPTING RISK MANAGEMENT PRINCIPLES VIOLATING OF CLAUSE 9.6 (II) OF OUTSOURCING DIRECTIVES/INSTRUCTIONS/GUIDELINES
|
IMPOSED PENALTY RS.55,00,000
18-DEC-2014
|
IRDA VIDE ITS ORDER DATED 02/12/2015 ADVISED INSURER TO ENSURE SCRUPULOUS COMPLIANCE TO THE PROVISIONS OF THE OUTSOURCING GUIDELINES
|
| 9 |
|
|
MAX LIFE INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO REPORTING REQUIREMENTS VIOLATING CLAUSE 11.2 OF OUTSOURCING DIRECTIVES/INSTRUCTIONS/GUIDELINES
EMPLOYED INDIVIDUALS AS TRAINERS WHO WERE NEITHER EMPLOYEES OF MAX SKILL FIRST NOR IN THE LIST OF RETAINERS VIOLATING CLAUSE OF 9.15 OF OUTSOURCING DIRECTIVES/INSTRUCTIONS/GUIDELINES
|
IMPOSED PENALTY RS.3,00,000
27-APR-2021
|
|
| 10 |
|
|
RELIANCE LIFE INSURANCE CO.LTD.
|
|
|
PAID APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION/REMUNERATION TO CORPOARTE AGENTS
PAID AMOUNT FOR WHICH SERVICE PROVIDER PREMIER TRAINING PVT.LTD. (PTPL) NOT PERFORM ACTIVITIES SPECIFIED IN AGREEMENT
DID NOT PROVIDE DETAILS OF VENDORS AS SOUGHT BY INSPECTION TEAM
DID NOT INITIATE THE PROCESS OF TERMINATION AS PER TERMS & CONDITIONS LAID DOWN IN OUTSOURCING AGREEMENT
DID NOT PERFORM DUE DILIGENCE BUT CARRIED OUT ONLY PAPER WORK AND ANNUAL PERFORMANCE APPRAISAL WAS ALSO NOT CARRIED OUT
MADE SIGNIFICANT PAYOUTS TO RELIANCE MONEY INFRASTRUCTURE LTD., TOWARDS SHARING OF CUSTOMERS INFORMATION
DID NOT EXERCISE PROPER DUE DILIGENCE AND VIOLATED PROVISIONS OF CLAUSE 10 OF OUTSOURCING DIRECTIVES/INSTRUCTIONS/GUIDELINES
ENGAGED IN REFERRAL TIE-UP WITH RELIANCE MONEY INFRASTRUCTURE LTD. WITHOUT TAKING APPROVAL OF AUTHORITY
MADE PAYMENTS TO VARIOUS ENTITIES TOWARDS MARKETING ACTIVITIES, DISSEMINATION OF INFORMATION AND GENERATION OF LEADS
|
IMPOSED PENALTY RS.85,00,000
06-AUG-2015
|
|
| 11 |
|
|
RELIANCE NIPPON LIFE INSURANCE CO.LTD.
|
|
|
MADE PAYMENTS TO CHANNEL DEVELOPMENT ASSOCIATES (CDAS) WITHOUT ANY INVOICE AND WITHOUT ANY BASIS PRIOR TO DECEMBER 2013 VIOLATING CLAUSE 9.6 (II) OUTSOURCING DIRECTIVES/INSTRUCTIONS/GUIDELINES DATED 01/02/2011 AND CLAUSE 6 OF CORPORATE DIRECTIVES/INSTRUCTIONS/GUIDELINES DATED 05/08/2009
DID NOT PROVIDE DETAILS OF MANNER OF WORKING OF CHANNEL DEVELOPMENT ASSOCIATE VARUN ENTERPRISES AND THE BREAKUP OF PAYMENTS MADE
|
IMPOSED PENALTY RS.15,00,000
03-NOV-2016
|
|
| 12 |
|
|
RELIANCE NIPPON LIFE INSURANCE CO.LTD.
|
|
|
DID NOT EXERCISE DUE DILIGENCE WHILE OUTSOURCING ACTIVITY TO VANS MEDICARE & BIOTECHNOLOGY PVT.LTD. VIOLATING CLAUSES 10 AND 10.1 OF OUTSOURCING DIRECTIVES/INSTRUCTIONS/GUIDELINES
DID NOT CONDUCT EFFECTIVE & MEANINGFUL COST BENEFIT ANALYSIS VIOLATING CLAUSE 9.6(II) OF OUTSOURCING DIRECTIVES/INSTRUCTIONS/GUIDELINES
DID NOT SUBMIT TIMELY INFORMATION VIOLATING CLAUSE 9.8 OF OUTSOURCING DIRECTIVES/INSTRUCTIONS/GUIDELINES
MADE PAYMENTS WITHOUT CONSIDERING MATERIAL FACTORS VIOLATING CLAUSE 9.6 OF OUTSOURCING DIRECTIVES/INSTRUCTIONS/GUIDELINES
DID NOT ADHERE TO REPORTING REQUIREMENTS VIOLATING CLAUSE 11.2 OF OUTSOURCING DIRECTIVES/INSTRUCTIONS/GUIDELINES
ENTERED INTO REFERRAL ARRANGEMENT WITH RMIL WITHOUT TAKING APPROVAL OF IRDA VIOLATING REGULATION 3 OF IRDA (SHARING OF DATABASE FOR DISTRIBUTION OF INSURANCE PRODUCTS) REGULATIONS, 2010
|
IMPOSED PENALTY RS.40,00,000
13-NOV-2018
|
|
| 13 |
|
|
ROYAL SUNDARAM ALLIANCE INSURANCE CO.LTD.
|
|
|
MADE PAYMENTS TO CORPORATE AGENTS IN ADDITION TO COMMISSION FOR VARIOUS ACTIVITIES
PAID TO AUTO DEALERS IN THE NATURE OF REMUNERATION TOWARDS OUTSOURCING OF PROMOTIONAL AND BRANDING ACTIVITIES
OUTSOURCED CORE ACTIVITIES LIKE ALLOWING THIRD PARTIES TO DECIDE PREMIUM RATES, TO DO SURVEY AND ASSESS LOSS ETC.
DID NOT MAINTAIN SPECIMEN COPIES OF ADVERTISEMENTS
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
PAID COMMISSION TO OTHER THAN LICENSED AGENTS
MADE CHANGES TO TARIFF WORDINGS WITHOUT FILING AND TAKING APPROVAL FROM IRDA
ALLOWED DISCOUNTS UP TO 90% UNDER ENGINEERING & FIRE SEGMENTS EVEN THOUGH THE MAXIMUM DISCOUNT ALLOWED WAS 60%
ISSUED GROUP PERSONAL ACCIDENT INSURANCE POLICY (GPA) TO PRIMARY CARD HOLDERS WHICH WAS NOT AS PER FILED VERSION OF THE PRODUCT
DID NOT FILE “SUNDARAM CREDIT PROTECT” WITH IRDA AS PER FILE AND USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
ISSUED UNNAMED POLICY COVERING MEMBERS OF INSURED
|
IMPOSED PENALTY RS.40,00,000
06-MAY-2016
|
|
| 14 |
|
|
TATA AIG GENERAL INSURANCE CO.LTD.
|
|
|
ENTERED INTO ADDITIONAL RELATIONSHIP WITH CORPORATE AGENTS AND INDIVIDUAL AGENTS AND MADE ADDITIONAL PAYOUTS
SOLICITED BUSINESS THROUGH OTHER THAN LICENSED ENTITIES IN NAME OF RETAINERS/FIELD USERS ETC.
ALLOWED CORPORATE AGENT TO SOLICIT BUSINESS EVEN WITHOUT CHIEF INSURANCE EXECUTIVE (CIE)/SPECIFIED PERSON (SP) WITH CORPORATE AGENT AND ALSO ALLOWED TO SOLICIT BUSINESS ON PAN INDIA BASIS WITH A SINGLE SP ONLY
TERMS OF THE TRIPARTITE AGREEMENT ENTERED WAS AGAINST VARIOUS DIRECTIVES/INSTRUCTIONS/GUIDELINES & ACT PROVISIONS
|
IMPOSED PENALTY RS.20,00,000
17-APR-2017
|
|
| 15 |
|
|
UNIVERSAL SOMPO GENERAL INSURANCE CO.LTD.
|
|
|
PAID BROKERAGE UNDER ACCOUNTING HEAD “PROFESSIONAL FEES” INSTEAD OF “INSURANCE COMMISSION”
MADE PAYMENTS TO ENTITIES BY ENTERING INTO FRESH AGREEMENTS BEFORE GETTING APPROVAL FROM IRDA
PROCURED BUSINESS FROM CORPORATE AGENTS’ INSPITE OF NOT HAVING SINGLE SPECIFIED PERSON LICENSED TO SOLICIT GENERAL INSURANCE BUSINESS
ACCEPTED INSURANCE BUSINESS FROM INDIVIDUAL REFERRAL AGENTS WHO DO NOT HOLD VALID LICENSE TO SOLICIT AND PROCURE INSURANCE BUSINESS
PAID MOTOR DEALERS UNDER THREE DIFFERENT ACCOUNT HEADS “PAYMENTS OF CONTRACTORS & SUB-CONTRACTORS, FEES FOR PROFESSIONAL OR TECHNICAL SERVICES AND INSURANCE COMMISSION”
MADE CHANGES TO TARIFF WORDINGS WITHOUT FILING AND TAKING APPROVAL FROM IRDA
|
IMPOSED PENALTY RS.15,00,000
07-JAN-2016
|
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
