| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 1 |
|
BAJAJ ALLIANZ GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT EXERCISE DUE DILIGENCE IN TERMS OF CLAUSE 5 OF DIRECTIVES/INSTRUCTIONS/GUIDELINES IN MATTER OF RENEWAL OF LICENCE OF CORPORATE AGENTS
DID NOT REFER APPLICATION TO IRDA FOR EXERCISING POWERS VESTED IN IT UNDER IRDA ACT, 1999 AND IRDA (LICENSING OF CORPORATE AGENTS) REGULATIONS, 2002 IN MATTER OF GRANT OF LICENSE TO CORPORATE AGENTS
|
IMPOSED PENALTY RS.5,00,000
07-JUN-2011
|
|
| 2 |
|
|
ICICI LOMBARD GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT EXERCISE DUE DILIGENCE IN TERMS OF CLAUSE 5 OF DIRECTIVES/INSTRUCTIONS/GUIDELINES IN MATTER OF RENEWAL OF LICENCE OF CORPORATE AGENTS
DID NOT REFER APPLICATION TO IRDA FOR EXERCISING POWERS VESTED IN IT UNDER IRDA ACT, 1999 AND IRDA (LICENSING OF CORPORATE AGENTS) REGULATIONS, 2002 IN MATTER OF GRANT OF LICENSE TO CORPORATE AGENTS
|
IMPOSED PENALTY RS.5,00,000
07-JUN-2011
|
|
| 3 |
|
|
IFFCO-TOKIO GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
DID NOT EXERCISE DUE SKILL, CARE AND DILIGENCE WHILE SUBMITTING PRICE-BID FOR ISSUANCE OF INSURANCE POLICIES TO DELHI AND MUMBAI INTERNATIONAL AIRPORTS
|
IMPOSED PENALTY RS.5,00,000
17-AUG-2010
|
|
| 4 |
|
|
IFFCO-TOKIO GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT EXERCISE DUE DILIGENCE IN TERMS OF CLAUSE 5 OF DIRECTIVES/INSTRUCTIONS/GUIDELINES IN MATTER OF RENEWAL OF LICENCE OF CORPORATE AGENTS
DID NOT REFER APPLICATION TO IRDA FOR EXERCISING POWERS VESTED IN IT UNDER IRDA ACT, 1999 AND IRDA (LICENSING OF CORPORATE AGENTS) REGULATIONS, 2002 IN MATTER OF GRANT OF LICENSE TO CORPORATE AGENTS
|
IMPOSED PENALTY RS.5,00,000
07-JUN-2011
|
|
| 5 |
|
|
NATIONAL INSURANCE CO.LTD.,THE
|
|
|
DID NOT ADHERE TO FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
DID NOT EXERCISE DUE SKILL, CARE AND DILIGENCE WHILE SUBMITTING PRICE-BID FOR ISSUANCE OF INSURANCE POLICIES TO DELHI AND MUMBAI INTERNATIONAL AIRPORTS
|
IMPOSED PENALTY RS.5,00,000
26-JUL-2010
|
|
| 6 |
|
|
NATIONAL INSURANCE CO.LTD.,THE
|
|
|
DID NOT EXERCISE DUE DILIGENCE IN TERMS OF CLAUSE 5 OF DIRECTIVES/INSTRUCTIONS/GUIDELINES IN MATTER OF RENEWAL OF LICENCE OF CORPORATE AGENTS
DID NOT REFER APPLICATION TO IRDA FOR EXERCISING POWERS VESTED IN IT UNDER IRDA ACT, 1999 AND IRDA (LICENSING OF CORPORATE AGENTS) REGULATIONS, 2002 IN MATTER OF GRANT OF LICENSE TO CORPORATE AGENTS
|
IMPOSED PENALTY RS.5,00,000
07-JUN-2011
|
|
| 7 |
|
|
NATIONAL INSURANCE CO.LTD.,THE
|
|
|
DID NOT EXERCISE DUE SKILL, CARE & DILIGENCE WHILE ISSUING SHOPKEEPER POLICY AND DELAY IN INFORMATION OF REJECTION OF CLAIM TO POLICY HOLDER
|
IMPOSED PENALTY RS.5,00,000
05-DEC-2011
|
|
| 8 |
|
|
NEW INDIA ASSURANCE CO.LTD.,THE
|
|
|
DID NOT EXERCISE DUE DILIGENCE IN TERMS OF CLAUSE 5 OF DIRECTIVES/INSTRUCTIONS/GUIDELINES IN MATTER OF RENEWAL OF LICENCE OF CORPORATE AGENTS
DID NOT REFER APPLICATION TO IRDA FOR EXERCISING POWERS VESTED IN IT UNDER IRDA ACT, 1999 AND IRDA (LICENSING OF CORPORATE AGENTS) REGULATIONS, 2002 IN MATTER OF GRANT OF LICENSE TO CORPORATE AGENTS
|
IMPOSED PENALTY RS.5,00,000
07-JUN-2011
|
|
| 9 |
|
|
ORIENTAL INSURANCE CO.LTD.,THE
|
|
|
DID NOT ADHERE TO FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
DID NOT EXERCISE DUE SKILL, CARE AND DILIGENCE WHILE SUBMITTING PRICE-BID FOR ISSUANCE OF INSURANCE POLICIES TO DELHI AND MUMBAI INTERNATIONAL AIRPORTS
|
IMPOSED PENALTY RS.5,00,000
17-AUG-2010
|
|
| 10 |
|
|
RELIANCE LIFE INSURANCE CO.LTD.
|
|
|
PAID APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION/REMUNERATION TO CORPOARTE AGENTS
PAID AMOUNT FOR WHICH SERVICE PROVIDER PREMIER TRAINING PVT.LTD. (PTPL) NOT PERFORM ACTIVITIES SPECIFIED IN AGREEMENT
DID NOT PROVIDE DETAILS OF VENDORS AS SOUGHT BY INSPECTION TEAM
DID NOT INITIATE THE PROCESS OF TERMINATION AS PER TERMS & CONDITIONS LAID DOWN IN OUTSOURCING AGREEMENT
DID NOT PERFORM DUE DILIGENCE BUT CARRIED OUT ONLY PAPER WORK AND ANNUAL PERFORMANCE APPRAISAL WAS ALSO NOT CARRIED OUT
MADE SIGNIFICANT PAYOUTS TO RELIANCE MONEY INFRASTRUCTURE LTD., TOWARDS SHARING OF CUSTOMERS INFORMATION
DID NOT EXERCISE PROPER DUE DILIGENCE AND VIOLATED PROVISIONS OF CLAUSE 10 OF OUTSOURCING DIRECTIVES/INSTRUCTIONS/GUIDELINES
ENGAGED IN REFERRAL TIE-UP WITH RELIANCE MONEY INFRASTRUCTURE LTD. WITHOUT TAKING APPROVAL OF AUTHORITY
MADE PAYMENTS TO VARIOUS ENTITIES TOWARDS MARKETING ACTIVITIES, DISSEMINATION OF INFORMATION AND GENERATION OF LEADS
|
IMPOSED PENALTY RS.85,00,000
06-AUG-2015
|
|
| 11 |
|
|
ROYAL SUNDARAM ALLIANCE INSURANCE CO.LTD.
|
|
|
DID NOT EXERCISE DUE DILIGENCE IN TERMS OF CLAUSE 5 OF DIRECTIVES/INSTRUCTIONS/GUIDELINES IN MATTER OF RENEWAL OF LICENCE OF CORPORATE AGENTS
DID NOT REFER APPLICATION TO IRDA FOR EXERCISING POWERS VESTED IN IT UNDER IRDA ACT, 1999 AND IRDA (LICENSING OF CORPORATE AGENTS) REGULATIONS, 2002 IN MATTER OF GRANT OF LICENSE TO CORPORATE AGENTS
|
IMPOSED PENALTY RS.5,00,000
07-JUN-2011
|
|
| 12 |
|
|
UNITED INDIA INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
DID NOT EXERCISE DUE SKILL, CARE AND DILIGENCE WHILE SUBMITTING PRICE-BID FOR ISSUANCE OF INSURANCE POLICIES TO DELHI AND MUMBAI INTERNATIONAL AIRPORTS
|
IMPOSED PENALTY RS.5,00,000
17-AUG-2010
|
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
