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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 THIRD PARTY ADMINISTRATOR (TPA): DISCREPANCIES IN MAINTENANCE OF BOOKS OF ACCOUNTS

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person UNIVERSAL MEDI-AID SERVICES PVT.LTD.  
  CHANGED SHAREHOLDING PATTERN WITHOUT PRIOR PERMISSION OF IRDA

MADE LOANS AND ADVANCES TO COMPANIES NOT RELATED TO TPA BUSINESS

PROCESSED CLAIMS OF SOME CORPORATES DIRECTLY AND NOT THROUGH ANY INSURER   		REJECTED APPLICATION FILED FOR RENEWAL OF LICENCE (TPA)

DIRECTED TO SUBMIT DATA COLLECTED AND BOOKS, RECORDS OR DOCUMENTS ETC.RELATING TO BUSINESS CARRIED ON IN RELATION TO DIFFERENT INSURERS, TO RESPECTIVE INSURERS

DIRECTED TO SUPPORT INSURANCE COMPANY (IES) IN MAKING SUITABLE ALTERNATIVE ARRANGEMENTS TO SERVICE POLICYHOLDERS IN RESPECT OF WHOM POLICIES ARE STILL IN FORCE

DIRECTED TO RECONCILE AND CLOSE ACCOUNTS WITH INSURANCE COMPANIES AND SERVICE PROVIDERS

06-MAR-2009 		DELHI HIGH COURT-DIRECTED IRDA TO RENEW TPA LICENCE AND IRDA RENEWED THE SAME FOR A PERIED OF THREE YEARS I.E.UPTO 21/03/2013,VIDE ORDER DATED 15/02/2010. FURTHER AS PER COURT ORDER DATED 07/04/2010,OPERATION OF TPA LICENCE 22/03/2010 TO 21/03/2013,STAYED WITH IMMEDIATE EFFECT UNTIL FURTHER ORDER  
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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