| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 1 |
|
AGRICULTURE INSURANCE CO.OF INDIA LTD.
|
|
|
MADE ADDITIONAL PAYOUTS TOWARDS OTHER SERVICES OVER AND ABOVE COMMISSION
ISSUED PREMIUM RECEIPT IN ADVANCE BEFORE RECEIVING PREMIUM AND RECEIPT AMOUNT WAS DIFFERENT FROM ACTUAL PREMIUM RECEIVED
|
IMPOSED PENALTY RS.10,00,000
19-MAR-2015
|
|
| 2 |
|
|
GO DIGIT GENERAL INSURANCE LTD.
|
|
|
DELAY IN REMITTANCE OF PREMIUM BY MOTOR INSURANCE SERVICE PROVIDER (MISP)
USED CLAUSES/TERMS IN STANDARD OPERATING PROCEDURE (SOP) RELATED TO PROCESSING OF MOTOR INSURANCE CLAIMS AGAINST THE INTEREST OF POLICYHOLDERS
DID NOT SEND INITIAL ASSESSMENT OF LOSS OR FINAL SETTLEMENT LETTER TO POLICYHOLDER
|
IMPOSED PENALTY RS.5,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
29-JAN-2021
|
|
| 3 |
|
|
INDIAFIRST LIFE INSURANCE CO.LTD.
|
|
|
DID NOT MAINTAIN SHADOW ACCOUNT OF SUPERANNUATION FUND AND POLICY ACCOUNT VALUE ON THE WEBSITE VIOLATING IRDAI (NON-LINKED INSURANCE PRODUCTS) REGULATIONS, 2013
DID NOT CALCULATE RISK FOR REINSURANCE ON APPROXIMATE BASIS VIOLATING CLAUSE 6 OF CORPORATE GOVERNANCE DIRECTIVES/INSTRUCTIONS/GUIDELINES
RECOVERED SURRENDER CHARGES ON AUTO FORECLOSURE OF POLICIES
MAINTAINED SEPARATE SHAREHOLDERS’ FUND AND POOLED UNCLAIMED AMOUNTS OF POLICYHOLDERS INTO THIS ACCOUNT VIOLATING IRDA (PREPARATION OF FINANCIAL STATEMENTS AND AUDITORS REPORT OF INSURANCE COMPANIES) REGULATIONS, 2002
MAINTAINED SEPARATE SHAREHOLDERS’ FUND AND POOLED UNCLAIMED AMOUNTS OF POLICYHOLDERS INTO THIS ACCOUNT VIOLATING SECTIONS 10 & 11 OF INSURANCE ACT,1938
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
05-MAY-2017
|
|
| 4 |
|
|
MAX BUPA HEALTH INSURANCE CO.LTD.
|
|
|
SOLD NEW VERSION OF PRODUCT, BEFORE ITS CLEARANCE FROM IRDA AND CONTINUED TO OFFER OLD VERSION OF PRODUCTS, EVEN AFTER APPROVAL OF NEW VERSION OF PRODUCTS
INVOLVED VARIOUS UNLICENSED ENTITIES TO SOLICIT INSURANCE BUSINESS AND ALSO MADE PAYMENT TO SUCH ENTITIES IN THE NAME OF REIMBURSEMENT OF MARKETING EXPENSES
USED SERVICES OF VARIOUS OUTSOURCED VENDORS TO PROCURE BUSINESS BY LOGGING IN THE NAME OF EMPLOYEES OF THE INSURER
DID NOT CAPTURE DATE OF INTIMATION OF CLAIMS IN THE SYSTEM
LACK OF PROPER INTERNAL CONTROLS AND PROCEDURES WHILE SETTLING THE CLAIMS AT INSURER’S END
DELAY IN SETTLING CLAIMS IN MAJORITY OF CASES
|
IMPOSED PENALTY RS.20,00,000
26-APR-2016
|
|
| 5 |
|
|
RELIANCE NIPPON LIFE INSURANCE CO.LTD.
|
|
|
CANCELLED THE POLICIES BEYOND LIMIT OF THREE YEARS VIOLATING SECTION 45(1) OF INSURANCE ACT, 1938
DID NOT INSTITUTE SYSTEMS AND PROCESSES TO DETECT INTENDED FRAUDS AND MISREPRESENTATION BY LIFE ASSURED/POLICYHOLDERS VIOLATING CLAUSES 6 AND 7.3 CORPORATE GOVERNANCE GUIDELINES VIDE REF.NO.IRDA/F&A/GDL/CG/100/05/2015 DATED 18/05/2016
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
DIRECTED TO PAY INTEREST @ BANK RATE PLUS 2% ON THE REFUNDED PREMIUM FROM DATE OF CANCELLATION OF POLICIES TO DATE OF REFUND OF PREMIUM
DIRECTED TO CAUSE AUDIT OF INTERNAL PROCESSES BY A CA FIRM TO IDENTIFY GAPS TO ENSURE COMPLIANCE IN LETTER AND SPIRIT WITHIN 180 DAYS FROM THE DATE OF ORDER
17-OCT-2025
|
|
| 6 |
|
|
RELIANCE NIPPON LIFE INSURANCE CO.LTD.
|
|
|
QUANTUM OF REMUNERATION PAID TO JOINT STATUTORY AUDITOR NOT RECOMMENDED OR APPROVED BY AUDIT COMMITTEE AND/OR BOARD
POLICYHOLDERS PROTECTION COMMITTEE (PPC) DID NOT DISCUSS/REVIEW REPUDIATED CLAIMS WITH THE REASONS FOR REPUDIATION
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
25-NOV-2025
|
|
| 7 |
|
|
UNITED INDIA INSURANCE CO.LTD.
|
|
|
DID NOT BOOK LIABILITY AS SOON AS INTIMATION RECEIVED FROM CLAIMANTS
PAID BROKERAGE FOR THE POLICIES ISSUED TO GIF, GUJARAT STATE THROUGH DIRECTORATE OF INSURANCE, GOVT. OF GUJARAT
DELAY IN SUBMISSION OF SURVEYOR'S REPORTS
DELAY IN SETTLEMENT OF CLAIMS
PROCURED BUSINESS EITHER WITHOUT OBTAINING AND/OR BEFORE OBTAINING NOC
DID NOT FILE CO-BRANDED ADVERTISEMENTS REFERRED IN SUBMISSION AND PAID TO CORPORATE AGENT AS A PERCENTAGE OF PREMIUM AND DID NOT PROVIDE COPY OF CLAIMS REQUESTS RECEIVED FROM LICENSED ENTITY
DEVIATED FROM DISCOUNT STRUCTURE APPROVED BY IRDA UNDER F&U DIRECTIVES/INSTRUCTIONS/GUIDELINES BY OFFERING HIGHER DISCOUNTS
DID NOT ADHERE TO FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
PAID COMMISSION OVER & ABOVE INFRASTRUCTURE EXPENSES TO UNLICENSED ENTITIES
DID NOT REGISTER CLAIM CASES AND NOT CREATED PROVISION
DELAY IN RECEIVING PREMIUM FROM INSURER
|
IMPOSED PENALTY RS.60,00,000
22-APR-2015
|
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
