| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 1 |
|
ANGEL FINANCIAL ADVISORS PVT.LTD.
|
|
|
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
PROCURED BUSINESS THROUGH OTHER THAN “SPECIFIED PERSONS” VIOLATING CLAUSE 3(II)(A) AND 3(II)(M) OF SCHEDULE 3 UNDER REGULATION 26 OF IRDAI (REGISTRATION OF CORPORATE AGENT) REGULATIONS, 2015
DID NOT HAVE PROFESSIONAL INDEMNITY POLICY WITH INDEMNITY CLAUSE AND GENERAL CONDITIONS NOT IN LINE WITH PRESCRIBED REGULATION VIOLATING CLAUSE 1(D) OF SCHEDULE II UNDER REGULATION 19(3) OF IRDAI (REGISTRATION OF CORPORATE AGENTS) REGULATIONS, 2015
HAVE PROFESSIONAL INDEMNITY POLICY WITH RETROACTIVE DATE VIOLATING CLAUSE 2(A) OF SCHEDULE II UNDER REGULATION 19 OF IRDAI (REGISTRATION OF CORPORATE AGENTS) REGULATIONS, 2015
COMPELLED BUYER OF THE OTHER PRODUCT TO NECESSARILY BUY INSURANCE PRODUCT VIOLATING PARA 16 OF IRDA CIRCULAR NO.017/IRDA/CIRCULAR/CA GUIDELINES/2005 DATED 14/07/2005 (GUIDELINES ON LICENSING OF CORPORATE AGENTS), 2005 READ WITH CLAUSE 3(II)(A) OF CODE OF CONDUCT UNDER REGULATION 26 OF IRDAI (REGISTRATION OF CORPORATE AGENTS) REGULATIONS, 2015
|
IMPOSED PENALTY RS.27,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
20-DEC-2021
|
|
| 2 |
|
|
AXIS BANK LTD.
|
|
|
MADE UNDUE PROFITS/GAINS FROM PURCHASE AND SALE OF EQUITY SHARES OF MAX LIFE INSURANCE CO.LTD.
DID NOT ADHERE TO DIRECTIONS ISSUED BY IRDAI ON TRANSACTION OF ACQUISITION OF SHARES OF MAX LIFE INSURANCE CO.LTD.
|
IMPOSED PENALTY RS.2,00,00,000
13-OCT-2022
|
|
| 3 |
|
|
BAJAJ FINANCE LTD.
|
|
|
DID NOT HAVE REQUIRED SYSTEM IN PLACE TO RECOGNIZE COMMISSION/REMUNERATION RECEIVED FROM INSURERS IN BOOKS OF ACCOUNT
SERIOUS GAPS IN PAYMENTS RECEIVED FROM BAJAJ ALLIANZ GENERAL INSURANCE CO.LTD. BY CORPORATE AGENT AND PAYMENTS RECEIVED BY CORPORATE AGENT
AGREEMENTS ENTERED WITH TELE-MARKETERS DID NOT INCORPORATE MAINTENANCE/PRESERVING OF RECORDINGS OF ALL CALLS, RECORDS OF AUTHORIZED VERIFIERS INCLUDING THEIR TRAINING & ASSESSMENT PARTICULARS AND AVAILABILITY OF RECORDS FOR INSPECTION BY IRDAI
DID NOT MAINTAIN COPIES OF PROPOSAL AND APPLICATION FORMS DULY SIGNED BY CLIENT AND SUBMITTED TO INSURER AND CERTIFICATES OF INSURANCES WITH IT
|
IMPOSED PENALTY RS.2,00,00,000
DIRECTED TO TAKE NECESSARY REMEDIAL ACTION AND FILE CERTIFICATE REGARDING ACCURACY OF ACCOUNTING SYSTEMS IN COMPLYING WITH REGULATORY PRESCRIPTIONS
15-JUL-2024
|
|
| 4 |
|
|
BARCLAYS INVESTMENTS & LOANS (INDIA) LTD.
|
|
|
RECEIVED PAYMENTS APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION AND/OR REMUNERATION FROM INSURANCE COMPANY
|
IMPOSED PENALTY RS.5,00,000
DIRECTED TO ABIDE BY RULES AND REGULATIONS ISSUED BY IRDA UNDER PROVISIONS OF THE INSURANCE ACT,1938
27-SEP-2013
|
|
| 5 |
|
|
BILLIONBRAINS GARAGE VENTURES PVT.LTD.
|
|
|
DELAY IN INFORMING MATERIAL INFORMATION OF MERGER & AMALGAMATION SCHEME TO IRDAI VIOLATING REGULATION 22(1) OF IRDAI (REGISTRATION OF CORPORATE AGENT) REGULATIONS, 2015
|
IMPOSED PENALTY RS.5,00,000
14-JUN-2024
|
|
| 6 |
|
|
CENTRAL BANK OF INDIA
|
|
|
ENTERED INTO AN MOU FOR CORPORATE AGENCY AGREEMENT AND ALSO A REFERRAL AGREEMENT WITH CHOLAMANDALAM MS GENERAL INSURANCE CO.LTD. WHILE HAVING A CORPORATE AGENCY RELATIONSHIP WITH THE NEW INDIA ASSURANCE CO.LTD.
FLOATED REQUEST FOR PROPOSAL FOR TECHNICAL AND COMMERCIAL BIDS FOR CORPORATE RELATIONSHIP
DID NOT INFORM ITS POLICYHOLDERS ABOUT ARRANGEMENTS MADE WITH ANOTHER INSURER
|
IMPOSED PENALTY RS.5,00,000
09-FEB-2011
|
|
| 7 |
|
|
CORPORATION BANK
|
|
|
DID NOT MAINTAIN RECORDS CAPTURING THE DETAILS OF SPECIFIED PERSONS ALONG WITH RESPECTIVE INSURANCE POLICIES
DID NOT CAPTURE THE IDENTITY (NAME, CODE AND/OR SIGNATURE) OF SPECIFIED PERSONS WHO HAD PROCURED THAT POLICY
PROCURED BUSINESS WITHOUT VALID CERTIFICATE, USING UNTRAINED PERSONS FOR SOLICITATION ETC.
CHARGED AND DEBITED AMOUNT AS BANK CHARGES FROM THE ACCOUNTS OF POLICYHOLDERS AT A SPECIFIC RATE VARYING BY SUM ASSURED
DELAY IN DEPOSITING INSURANCE PREMIUM WITH INSURER
|
IMPOSED PENALTY RS.46,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
06-AUG-2021
|
|
| 8 |
|
|
DARIUS FINVESTS
(Agent of ING VYSYA LIFE INSURANCE CO.LTD.)
|
|
|
RECEIVED PAYMENTS APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION AND/OR REMUNERATION FROM INSURANCE COMPANY
|
IMPOSED PENALTY RS.10,000
11-DEC-2013
|
|
| 9 |
|
|
DESTIMONEY SECURITIES PVT.LTD.
(Agent of TATA AIA LIFE INSURANCE CO.LTD.)
|
|
|
RECEIVED PAYMENTS APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION AND/OR REMUNERATION FROM INSURANCE COMPANY
|
IMPOSED PENALTY RS.50,000
11-DEC-2013
|
|
| 10 |
|
|
INDUSIND BANK LTD.
|
|
|
RECEIVED PAYMENTS APART FROM/OVER AND ABOVE THE PERMISSIBLE COMMISSION RATES FROM INSURANCE COMPANIES IN FORM OF “DATABASE SHARING/INCENTIVES TO EMPLOYEES OF CORPORATE AGENT AND INFRASTRUCTURE SETTING UP COSTS”
|
IMPOSED PENALTY RS.15,00,000
03-JUL-2012
|
|
| 11 |
|
|
INDUSIND BANK LTD.
|
|
|
RECEIVED PAYMENTS APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION AND/OR REMUNERATION FROM INSURANCE COMPANY
|
IMPOSED PENALTY RS.5,00,000
28-JUN-2013
|
|
| 12 |
|
|
KOTAK MAHINDRA BANK LTD.
|
|
|
PAID APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION/REMUNERATION TO CORPOARTE AGENTS
|
IMPOSED PENALTY RS.1,00,000
19-FEB-2018
|
|
| 13 |
|
|
MANJRAK MARKETING
(Agent of ING VYSYA LIFE INSURANCE CO.LTD.)
|
|
|
RECEIVED PAYMENTS APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION AND/OR REMUNERATION FROM INSURANCE COMPANY
|
IMPOSED PENALTY RS.10,000
11-DEC-2013
|
|
| 14 |
|
|
METIS MARKETING SERVICES LTD.
|
|
|
INVOLVED UNLICENSED ENTITIES/PERSONS IN SOLICITATION OF BUSINESS
|
IMPOSED PENALTY RS.5,00,000
11-NOV-2020
|
|
| 15 |
|
|
PUNJAB & SIND BANK
|
|
|
RECEIVED PAYMENTS APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION AND/OR REMUNERATION FROM INSURANCE COMPANY
|
IMPOSED PENALTY RS.5,00,000
ADVISED STRICTLY ADHERE TO PROVISIONS OF INSURANCE ACT, 1938
23-SEP-2013
|
|
| 16 |
|
|
SKS MICROFINANCE LTD.
|
|
|
CHANGED IN PREMIUM & BENEFITS OF GROUP POLICY WITHOUT AUTHORITY TO DO SO
GENERATED SUBSTANTIAL AMOUNT OF INCOME UNDER THE HEAD DEATH RELIEF FUND (DRF) BY LEVYING HIGHER CHARGES THAN ACTUAL
MADE PAYMENT TO GROUP POLICY HOLDER WITHOUT NOMINATION, ASSIGNEMENT OR INHERITANCE
|
IMPOSED PENALTY RS.50,00,000
19-FEB-2013
|
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
