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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 COMPANY: ADVISED STRICTLY ADHERE TO PROVISIONS OF INSURANCE ACT, 1938

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person AVIVA LIFE INSURANCE CO.INDIA LTD.  
  DID NOT ENSURE INFORMATION PROVIDED TO INVESTIGATING OFFICERS DURING INSPECTION PERIOD

ORGANIZED CONTESTS FOR REFERRAL PARTNERS AND ENTERTAINED BANK STAFF FOR PROMOTING BUSINESS OF COMPANY VIOLATING IRDA CIRCULAR DATED 14/02/2003   		ADVISED STRICTLY ADHERE TO PROVISIONS OF INSURANCE ACT, 1938

15-SEP-2009 		 
2
History of entity/person BIRLA SUN LIFE INSURANCE CO.LTD.  
  DEFAULTED IN REFERRAL AGREEMENTS   ADVISED STRICTLY ADHERE TO PROVISIONS OF INSURANCE ACT, 1938

04-JAN-2010 		 
3
History of entity/person ING VYSYA LIFE INSURANCE CO.LTD.  
  CHARGED RIDER PREMIUM IN VIOLATION OF PROVISION OF REGULATION 3(1) OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002

DID NOT ADHERE TO FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES

INDULGED IN PROMOTIONAL COMPETITION AMONGST REFERRAL PARTNERS VIOLATING IRDA CIRCULAR DATED 14/02/3003   		ADVISED STRICTLY ADHERE TO PROVISIONS OF INSURANCE ACT, 1938

05-JAN-2010 		 
4
History of entity/person MAX LIFE INSURANCE CO.LTD.  
  PAID APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION/REMUNERATION TO CORPOARTE AGENTS   IMPOSED PENALTY RS.10,00,000

ADVISED STRICTLY ADHERE TO PROVISIONS OF INSURANCE ACT, 1938

16-JUL-2013 		 
5
History of entity/person SAHARA INDIA LIFE INSURANCE CO.LTD.  
  OPENED OFFICES WITHOUT OBTAINING PRIOR APPROVAL OF IRDA   ADVISED STRICTLY ADHERE TO PROVISIONS OF INSURANCE ACT, 1938

19-MAY-2010 		IRDA VIDE ITS PUBLIC NOTICE DATED 23/06/2017 DIRECTED SAHARA TO NOT TO PROCURE / COLLECT PROPOSAL DEPOSITS / UNDERWRITE NEW BUSINESS WITH IMMEDIATE EFFECT, I.E., CLOSE OF BUSINESS ON 23/06/2017. DIRECTED SAHARA INDIA LIFE INSURANCE CO.LTD. TO INFORM ALL CONCERNED AGENTS / INTERMEDIARIES OF THE ABOVE DIRECTION AND ENSURE THAT THEY DO NOT PROCURE / COLLECT PROPOSAL DEPOSITS TOWARDS NEW INSURANCE BUSINESS IMMEDIATELY ON RECEIPT OF THIS ORDER. FURTHER, DIRECTED TO CONTINUE TO COLLECT AND ACCOUNT FOR THE RENEWAL PREMIUM AND SERVICE THE EXISTING BUSINESS AND POLICYHOLDERS, UNHINDERED

IRDA VIDE ITS NOTICE DATED 12/06/2017 APPOINTED MR.R.K.SHARMA, GM (F&A-NL), IRDAI AS ADMINISTRATOR FOR MANAGING THE AFFAIRS OF SAHARA INDIA LIFE INSURANCE CO.LTD., WITH IMMEDIATE EFFECT  
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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