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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: DIRECTED TO TAKE IMMEDIATE STEPS TO ADDRESS ISSUE POINTED OUT IN AUDIT AND ADHERE TO AML/CFT GUIDELINES ISSUED BY IRDAI IN LETTER AND SPIRIT

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person BANDHAN LIFE INSURANCE LTD.  
  DID NOT SUBMIT DOCUMENTARY EVIDENCE IN SUPPORT OF HAVING REQUIRED SYSTEMS IN PLACE AND FILING OF SUSPICIOUS TRANSACTIONS REPORTS (STRS) WITHIN SPECIFIED TIME

DID NOT PROVIDE DETAILS OF INSURANCE OMBUDSMAN OF COMPETENT JURISDICTION

STANDARDIZED SCRIPTS DID NOT APPROVE BY COMPLIANCE OFFICER AND DID NOT CONTAIN MANDATORY DISCLOSURE   		IMPOSED PENALTY RS.1,00,00,000

DIRECTED TO TAKE IMMEDIATE STEPS TO ADDRESS ISSUE POINTED OUT IN AUDIT AND ADHERE TO AML/CFT GUIDELINES ISSUED BY IRDAI IN LETTER AND SPIRIT

DIRECTED TO FILE CERTIFICATE SIGNED BY MD/CEO AND CCO CONFIRMING DUE ADHERENCE OF AML PROCESSES

DIRECTED TO TAKE NECESSARY CORRECTIVE ACTION AND FILE CERTIFICATE SIGNED BY MD/CEO AND CCO CONFIRMING DUE ADHERENCE OF REGULATIONS AND GUIDELINES ON PROTECTION OF POLICYHOLDERS, SYSTEMS AND PROCESSES TO THE EXTANT INSTRUCTIONS

DIRECTED TO FILE CERTIFICATE SIGNED BY MD/CEO AND CCO CONFIRMING DUE ADHERENCE OF STANDARDIZED SCRIPTS AND RELATED DISCLOSURES TO THE EXTANT INSTRUCTIONS/GUIDELINES ISSUED BY IRDAI

15-JUL-2024 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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