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Co-Sponsors

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 OUTSOURCING DIRECTIVES/INSTRUCTIONS/GUIDELINES

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person 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 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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