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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 ULIP DIRECTIVES/INSTRUCTIONS/GUIDELINES

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person RELIANCE LIFE INSURANCE CO.LTD.  
  INVESTMENT MADE IN EXCESS OF 3% OF FUND SIZE IN FIXED DEPOSITS WERE CATEGORIZED AS APPROVED INVESTMENTS INSTEAD OF OTHER INVESTMENTS

INVESTMENT POLICY EXCLUDED "CAPITAL SECURED FUND” AND “MONEY MARKET FUND” FROM EXPOSURE LIMIT OF 25% OF FUND IN BANKING & FINANCIAL SECTOR

INVESTMENT POLICY ALLOWED HIGHER LIMIT OF 15% OF INDIVIDUAL FUND SIZE FOR EQUITY AS WELL AS DEBT EXPOSURE CONTRARY TO LIMITS PRESCRIBED UNDER IRDA INVESTMENTS REGULATIONS, 2000

DID NOT MAKE PROVISION FOR LIABILITY (I.E.CONSIDERATION FOR USE OF BRANDS)

DID NOT MAKE PROPER DISCLOSURE OF PREMIUM RECEIVED IN ADVANCE

DID NOT SUBMIT CONFIRMATION TOWARDS OUTSTANDING LOANS

DID NOT MAKE DISCLOSURE RELATED TO FULL SURRENDER FEE

DID NOT MAKE DISCLOSURE OF RELATED PARTY TRANSACTIONS

DID NOT MAKE PROVISIONS FOR PREMIUM WAIVER BENEFITS

DID NOT MAKE NOTES OR CLAIMS REPORTING PATTERN FOR IBNR (INCURRED BUT NOT REPORTED)

PAID EXCESS REFERRAL FEES THAN ENVISAGED IN REFERRAL DIRECTIVES/INSTRUCTIONS/GUIDELINES

DEFAULT IN MAKING DISCLOSURE OF OCCUPATIONS

DEATH CLAIMS SETTLED IN FAVOUR OF MASTER POLICY HOLDERS AS AGAINST TO BENEFICIARIES/INSURED

DELAY IN PROCESSING OF REQUESTS FOR PARTIAL WITHDRAWALS UNDER ULIPS

REIMBURSED GROUP MASTER POLICY HOLDER TOWARDS MARKETING & ADVERTISING EXPENSES

PAID SIGNIFICANT AMOUNT TO VARIOUS ENTITIES TOWARDS MARKETING ACTIVITIES

PERMITTED VARIOUS UNLICENSED INDIVIDUALS AND CORPORATES TO SOLICIT AND PROCURE BUSINESS

BUSINESS SOURCED THROUGH UNLICENSED ENTITIES BUT BOOKED UNDER BROKER CODE

SOURCED BUSINESS THROUGH MULTI LEVEL MARKETING THROUGH PERSONS WHO DID NOT POSSESS ANY CERTIFICATE/LICENSE

SIGNATURE OF IRDA LICENSED ADVISOR SPECIFIED PERSON EITHER FORGED OR NOT AVAILABLE VIOLATING IRDA CIRCULAR NO.IRDA/CIR/010/2013 DATED 27/03/2013   		IMPOSED PENALTY RS.1,77,00,000

11-APR-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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