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SOURCE OF INFORMATION : INSURANCE REGULATORY & DEVELOPMENT AUTHORITY OF INDIA WEBSITE
UPDATED TILL : 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 AGENT (CORPORATE): CANCELLED LICENSE AS CORPORATE AGENT

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person ABIRA INSURANCE SERVICES LTD.  
  OBTAINED SECOND LICENSE OF CORPORATE AGENT WITHIN THE SAME GROUP

SPECIFIC PERSONS WERE ALSO HOLDING SIMILAR POSITION WITH ANOTHER CORPORATE AGENT

DID NOT HAVE CONTROL ON THE ACTIVITIES OF CIE   		CANCELLED LICENSE AS CORPORATE AGENT

24-APR-2012 		 
2
History of entity/person BLOOMING LIFE SOCIAL ORGANISATION  
  PERMITTED VARIOUS UNLICENSED INDIVIDUALS AND CORPORATES TO SOLICIT AND PROCURE BUSINESS

DID NOT MAINTAIN PROPER EMPLOYEE’S RECORDS

SISTER CONCERN OF COMPANY ENGAGED IN SOLICITING & PROCURING INSURANCE BUSINESS

OBTAINED SECOND CORPORATE AGENCY LICENSE IN NAME OF SISTER CONCERNS WITHOUT DISCLOSING FACT

DID NOT HAVE PROPER INFRASTRUCTURE REQUIRED FOR PROCUREMENT OF INSURANCE BUSINESS

DID NOT HAVE ANY OTHER BUSINESS EXCEPT DISTRIBUTION OF INSURANCE PRODUCTS   		CANCELLED LICENSE AS CORPORATE AGENT

25-SEP-2012 		 
3
History of entity/person ROSE VALLEY CHAIN MARKETING SYSTEM LTD.  
  SOURCED BUSINESS THROUGH MULTI LEVEL MARKETING THROUGH PERSONS WHO DID NOT POSSESS ANY CERTIFICATE/LICENSE

VIOLATED IRDA DIRECTIVES/INSTRUCTIONS/GUIDELINES ON CHARGING PROCESSING FEE, JOINING FEE, ADMISSION FEE TO POLICY HOLDERS   		CANCELLED LICENSE AS CORPORATE AGENT

09-MAR-2012 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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