| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 1 |
|
BAJAJ ALLIANZ LIFE INSURANCE CO.LTD.
|
|
|
RELEASED ADVERTISEMENT WITHOUT PROVIDING ANY DISCLAIMERS UNDER “UNFAIR OR MISLEADING ADVERTISEMENT” CATEGORY”
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
07-DEC-2015
|
|
| 2 |
|
|
EDELWEISS TOKIO LIFE INSURANCE CO.LTD.
|
|
|
DID NOT TAKE PRIOR APPROVAL FROM IRDA FOR CHANGE IN SHAREHOLDING PATTERN
DID NOT SUBMIT DETAILS OF EXPIRY OF THE JOINT VENTURE AGREEMENT DATED 28/11/2009 ENTERED BETWEEN EDELWEISS FINANCIAL SERVICES LTD. AND TOKIO MARINE & NICHIDO FIRE INSURANCE CO.LTD.
|
IMPOSED PENALTY RS.20,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
04-APR-2024
|
|
| 3 |
|
|
FUTURE GENERALI INDIA INSURANCE CO.LTD.
|
|
|
OFFERED ADD-ON COVER PRIOR TO FILING THE ADD-ON COVER WITH IRDA FOR APPOVAL VIOLATING SECTION 102(B) OF INSURANCE ACT, 1938
OFFERED ADD-ON COVER WITHOUT OBTAINING CONSENT OF POLICYHOLDER VIOLATING REGULATION 3(2) OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.17,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
09-APR-2021
|
|
| 4 |
|
|
FUTURE GENERALI INDIA LIFE INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO EXPENSES OF MANAGEMENT (EOM) LIMITS PRESCRIBED UNDER SECTION 40B OF INSURANCE ACT, 1938 READ WITH RULE 17D OF INSURANCE RULES, 1939
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
09-MAR-2016
|
|
| 5 |
|
|
FUTURE GENERALI INDIA LIFE INSURANCE CO.LTD.
|
|
|
ACCEPTED RENEWAL PREMIUM IN CASH BEYOND RS.50,000.00 WITHOUT OBTAINING PAN/FORM60/61
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
22-MAY-2024
|
|
| 6 |
|
|
GO DIGIT GENERAL INSURANCE LTD.
|
|
|
DELAY IN REMITTANCE OF PREMIUM BY MOTOR INSURANCE SERVICE PROVIDER (MISP)
USED CLAUSES/TERMS IN STANDARD OPERATING PROCEDURE (SOP) RELATED TO PROCESSING OF MOTOR INSURANCE CLAIMS AGAINST THE INTEREST OF POLICYHOLDERS
DID NOT SEND INITIAL ASSESSMENT OF LOSS OR FINAL SETTLEMENT LETTER TO POLICYHOLDER
|
IMPOSED PENALTY RS.5,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
29-JAN-2021
|
|
| 7 |
|
|
HDFC LIFE INSURANCE CO.LTD.
|
|
|
DID NOT HAVE PROPER INTERNAL CONTROLS TO ENSURE THAT ADVANCE PREMIUMS ARE NOT COLLECTED BEYOND THREE MONTHS FOR POLICIES AS PRESCRIBED IN REGULATIONS
DID NOT TRANSFER AMOUNT TO UNCLAIMED FUND EVEN AFTER SIX MONTHS FROM DUE DATE AND CONSEQUENTLY UNCLAIMED FUND WAS NOT DISCLOSED ACCURATELY
DID NOT PROCESS PROPOSALS WITH SPEED AND EFFICIENCY AND DID NOT ADJUST/REFUND THE PREMIUM DEPOSIT WITHIN STIPULATED TIME
DID NOT TRANSFER UNALLOCATED PREMIUM BEYOND SIX MONTHS TO UNCLAIMED AMOUNT
DELAY IN PAYMENT OF MATURITY CLAIMS
DID NOT HAVE ROBUST SYSTEMS IN PLACE TO PROCESS MATURITY CLAIMS AND SURVIVAL BENEFIT
DID NOT REVIEW AND ENSURE THAT THE INTERNAL SYSTEMS AND CONTROLS ARE EFFICIENT ENOUGH TO MANAGE OPERATIONAL ISSUES RELATED TO AGENTS VIZ THEIR APPOINTMENT, RENEWAL AND TERMINATION ETC.
DID NOT TAKE PRIOR APPROVAL OF COMMON DIRECTORSHIP FROM THE AUTHORITY EVEN THOUGH RE-APPOINTMENT
OUTSOURCING PAYMENTS NOT REPORTED TO AUTHORITY UNDER “OUTSOURCING RETURNS” AS PER REGULATION 21 OF IRDAI (OUTSOURCING OF ACTIVITIES BY INDIAN INSURERS) REGULATIONS, 2017
UTILIZED SERVICES OF INSURANCE BROKERS AS A REGULAR TELE-MARKETER OR OUTSOURCING SERVICE PROVIDE AND NOT LIMITING SERVICES AS SPECIFIED IN REGULATIONS
MADE PAYMENTS OTHER THAN COMMISSION/REMUNERATION TO VARIOUS CORPORATE AGENTS
MADE PAYMENTS FOR DISPLAYING BANNERS ON THEIR WEBSITES WITHOUT VENDOR DUE DILIGENCE DOCUMENTS ETC.
MADE EXCESS PAY-OUTS TO INSURANCE BROKER PROPORTIONATE TO BUSINESS PLACE
|
IMPOSED PENALTY RS.2,00,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
DIRECTED TO SUBMIT ACTION TAKEN REPORT
01-AUG-2024
|
|
| 8 |
|
|
IFFCO-TOKIO GENERAL INSURANCE CO.LTD.
|
|
|
MADE PAYMENTS DIRECTLY TO MOTOR INSURANCE SERVICE PROVIDER (MISP) AND THE DESIGNATED PERSON FOR THE FACILITIEDS USED AND UNDER INFRASTRUCTURE AND PROFESSIONAL FEE VIOLATING GUIDELINE 15(5)(D) OF MISPG UNDER SECTION 102(B) OF THE INSURANCE ACT,1938
|
IMPOSED PENALTY RS.5,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
22-APR-2021
|
|
| 9 |
|
|
INDIAFIRST LIFE INSURANCE CO.LTD.
|
|
|
DID NOT MAINTAIN SHADOW ACCOUNT OF SUPERANNUATION FUND AND POLICY ACCOUNT VALUE ON THE WEBSITE VIOLATING IRDAI (NON-LINKED INSURANCE PRODUCTS) REGULATIONS, 2013
DID NOT CALCULATE RISK FOR REINSURANCE ON APPROXIMATE BASIS VIOLATING CLAUSE 6 OF CORPORATE GOVERNANCE DIRECTIVES/INSTRUCTIONS/GUIDELINES
RECOVERED SURRENDER CHARGES ON AUTO FORECLOSURE OF POLICIES
MAINTAINED SEPARATE SHAREHOLDERS’ FUND AND POOLED UNCLAIMED AMOUNTS OF POLICYHOLDERS INTO THIS ACCOUNT VIOLATING IRDA (PREPARATION OF FINANCIAL STATEMENTS AND AUDITORS REPORT OF INSURANCE COMPANIES) REGULATIONS, 2002
MAINTAINED SEPARATE SHAREHOLDERS’ FUND AND POOLED UNCLAIMED AMOUNTS OF POLICYHOLDERS INTO THIS ACCOUNT VIOLATING SECTIONS 10 & 11 OF INSURANCE ACT,1938
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
05-MAY-2017
|
|
| 10 |
|
|
KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LTD.
|
|
|
CONSIDERABLE DELAY IN PROCESSING AND SETTLEMENT OF DEATH CLAIMS
PAID CLAIM CHEQUES TO MASTER POLICY HOLDER
WAIVED PORTION OF TOTAL PREMIUM WHEN POLICY ACCEPTED WITH EXTRA
WAIVED SURRENDER CHARGES PARTIALLY OR FULLY
ALLOWED SURRENDERS WITHIN THREE YEARS
WAIVED SURRENDER PENALTY
SURRENDERED MWP POLICIES
SOLD OTHER THAN TERM POLICIES (UNIT LINKED POLICIES) IN KEY-MAN INSURANCE POLICIES
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
30-OCT-2008
|
|
| 11 |
|
|
LIFE & GENERAL INSURANCE & REINSURANCE BROKERS PVT.LTD.
|
|
|
ACCEPTED APPOINTMENT BY ANOTHER BROKER WITHOUT PROPER MANDATE BY THE CLIENT
DID NOT MAKE DISCLOSURE OF COURT CASES IN RENEWAL APPLICATION
SOLICITED INSURANCE BUSINESS BEFORE THE DATE OF LICENSE
PROVIDED CLAIM CONSULTANCY BEYOND RS.1 CRORE VIOLATING CLAUSE 3(I) AND 3(III) OF IRDA CIRCULAR IRDA/BRK/CIR/GLD/270/12/2011 DATED 07/12/2011
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
DIRECTED TO ABSTAIN FROM ACCEPTING APPOINTMENT BY ANOTHER BROKER WITHOUT PROPER MANDATE BY CLIENT
24-APR-2017
|
|
| 12 |
|
|
MAX BUPA HEALTH INSURANCE CO.LTD.
|
|
|
ISSUED UNFAIR AND MISLEADING ADVERTISEMENT VIOLATING REGULATIONS 2 (D) (III), REGULATION 3 AND 12 OF IRDA ADVERTISEMENT REGULATIONS, 2000
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
30-OCT-2017
|
|
| 13 |
|
|
MAX NEW YORK LIFE INSURANCE CO.LTD.
|
|
|
FAILED TO PAY PENAL INTEREST FOR CLAIMS SETTLED BEYOND SIX MONTHS AND REPUDIATION/INVESTIGATION OF CLAIMS BEYOND SIX MONTHS
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
24-JAN-2011
|
|
| 14 |
|
|
RELIANCE GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT SOLICIT INSURANCE POLICIES HAVING SUM INSURED EXCEEDING RS.5 CRORE PER RISK FOR ALL INSURANCES COMBINED
ENGAGED WITH ADVAITH MOTORS AND MADE PAYMENTS FOR OTHER PROFESSIONAL, TECHNICAL AND BUSINESS SERVICES
APPOINTED IN HOUSE EMPLOYEES TO ASSESS THE LOSS BEYOND RS.50,000.00 UNDER MOTOR INSURANCE WHO DID NOT POSSESS THE LICENSE ISSUED BY IRDAI FOR SURVEYOR
|
IMPOSED PENALTY RS.2,00,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
03-JAN-2024
|
|
| 15 |
|
|
SBI LIFE INSURANCE CO.LTD.
|
|
|
SUBMITTED CERTIFICATE SIGNED BY CEO AND CFO THAT ALL CLAIMS BEYOND THREE YEARS FROM DOC/DOR HAVE BEEN PAID ALONG WITH PENAL INTEREST
DID NOT ENSURE SUITABLE INFRASTRUCTURE REQUIREMENTS BEFORE LAUNCH OF NEW PRODUCTS AND AFTER WITHDRAWAL OF EXISTING PRODUCT
OUTSOURCED ACTIVITIES FROM MIC INSURANCE WEB AGGREGATORS PVT.LTD. AND EASYPOLICY INSURANCE WEB AGGREGATORS PVT.LTD. WHICH WERE NOT SOLICITED THROUGH THEM
|
IMPOSED PENALTY RS.1,00,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
DIRECTED TO SUBMIT ACTION TAKEN REPORT
06-SEP-2024
|
|
| 16 |
|
|
SHRIRAM GENERAL INSURANCE CO.LTD.
|
|
|
CONSIDERABLE DELAY IN PROCESSING AND SETTLEMENT OF DEATH CLAIMS
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
10-JAN-2011
|
|
| 17 |
|
|
STAR HEALTH & ALLIED INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO THE PROVISIONS OF ADVERTISEMENT REGULATIONS, DIRECTIVES/INSTRUCTIONS/GUIDELINES AND CIRCULARS ISSUED BY IRDA WHILE RELEASING INSURANCE ADVERTISEMENTS
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
21-AUG-2015
|
|
| 18 |
|
|
TATA AIA LIFE INSURANCE CO.LTD.
|
|
|
MICRO INSURANCE AGENT SIGNED HIMSELF ON BEHALF OF LIFE ASSURED IN PROPOSAL FORM ON BEHALF OF LIFE ASSURED VIOLATING PROVISIONS OF REGULATION 3(4) OF IRDA (PROTECTION OF POLICYHOLDERS’ INTEREST) REGULATIONS, 2002
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
09-OCT-2015
|
|
| 19 |
|
|
TATA AIA LIFE INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO EXPENSES OF MANAGEMENT (EOM) LIMITS PRESCRIBED UNDER SECTION 40B OF INSURANCE ACT, 1938 READ WITH RULE 17D OF INSURANCE RULES, 1939
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
09-MAR-2016
|
|
| 20 |
|
|
UNITED INDIA INSURANCE CO.LTD.
|
|
|
DID NOT MAKE DISCLOSURE OF LOADING/DISCOUNT PARAMETRS SPECIFIED IN FILE AND USE APPLICATION BY IRDA
DID NOT MAKE DISCOSURE OF MATRIX IN POLICY CONTRACT ISSUED VIOLATING REGULATION 7(H) (II) (3) OF IRDA (HEALTH INSURANCE) REGULATIONS, 2013
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
31-OCT-2017
|
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
