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Prime Investors Protection Association & League

Investor Education and Protection Fund

INSURANCE REGULATORY & DEVELOPMENT AUTHORITY

Period covered

From

To/Uptil

INSURANCE AGENT (CORPORATE)

08/06/2010

Actions by IRDA

Cautioned insurers and general public not to transact any general insurance business with the agent

Cautioned insurers and general public not to transact any life insurance business with the agent

Reasons for Action

Not applied for renewal of registration

INSURANCE BROKER

16/08/2002

25/08/2010

Actions by IRDA

Cancelled certificate of registration as insurance broker

Ceased to act as insurance broker

Directed to suspend activities as corporate agent

Directed to withdraw loan shield policy and discontinue its marketing

Directed to withdraw uni industry care insurance policy

Show cause notice issued

Suspended license temporarily till duly qualified principal officer appointed

Suspended license as insurance broker

Withdrawn direct insurance broking license

Reasons for Action

Commited breach of code of conduct under IRDA regulations

Conducted improperly in relation to placement of reinsurance liability risk

Did not maintain system of internal controls and internal audit

Effected change in shareholding pattern without prior intimation to IRDA

Failed to abide by circular issued by IRDA

Failed to furnish required information to IRDA

Failed to maintain adequate limit of indemnity in professional indemnity policy

Failed to pay prescribed annual fees

Non-disclosure and concealment of material facts in license application

Not applied for renewal of registration

Submitted false affidavit regarding disqualification of director

Submitted false declaration in application filed for grant of insurance license

Surrendered composite broker broking license

Surrendered direct insurance broking license

Trained principal officer not appointed

Violated regulation 26 of IRDA regulations

INSURANCE SURVEYOR AND LOSS ASSESSOR

16/08/2002

25/08/2010

Actions by IRDA

Cancelled certificate of registration as insurance surveyor and loss assessor

Rejected application filed for renewal of licence as insurance surveyor and loss assessor

Reasons for Action

Acted as corporate insurance surveyor and loss assessor without license

THIRD PARTY ADMINISTRATOR (TPA)

16/08/2002

25/08/2010

Actions by IRDA

Did not renew licence of third party administrator (tpa)

Directed to reconcile and close accounts with insurance companies and service providers

Directed to submit data collected and books, records or documents etc.relating to business carried on in relation to different insurers, to respective insurers

Directed to support insurance company (ies) in making suitable alternative arrangements to service policyholders in respect of whom policies are still in force

Rejected application filed for renewal of license

Rejected application filed for renewal of licence (tpa)

Reasons for Action

Carried out functions against the interests of insurance company and policyholders

Commited breach of code of conduct under IRDA regulations

Defaulted in maintaining prescribed working capital

Discrepancies in maintaining books of accounts

Opted to exit from business of third party administrator (tpa)

PROCessed claims of some corporates directly and not through any insurer

Unauthorised alteration in character and ownership of company

Unsatisfactory and weak financial position

UN-AUTHORISED INSURANCE BROKER

16/08/2002

25/08/2010

Actions by IRDA

Directed to stop issuing, marketing or selling insurance policies, collecting money towards insurance premium or carrying on any activity related to insurance

Public cautioned not to purchase insurance policies from the company

Reasons for Action

Carried on insurance business without obtaining license

REGULATORY ACTIONS PRESENTLY COVERED BY THIS WEBSITE

Period covered

From

To/Uptil

BANKS

29/03/2000

12/09/2008

BOMBAY STOCK EXCHANGE LTD.

05/06/1995

27/08/2010

CENTRAL BOARD OF EXCISE & CUSTOMS

01/04/2003

17/02/2010

CENTRAL BUREAU OF INVESTIGATION

05/04/2001

01/09/2010

CENTRAL DEPOSITORY SERVICES (INDIA) LTD.

16/08/2010

COMPANY LAW BOARD

DEBT RECOVERY TRIBUNALS

16/08/2000

07/07/2010

DELHI STOCK EXCHANGE LTD.

31/03/2002

30/03/2010

EMPLOYEES' PROVIDENT FUND ORGANISATION

31/03/2005

EXCISE AND TAXATION DEPARTMENT

01/04/1969

31/03/2007

INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

INSURANCE REGULATORY & DEVELOPMENT AUTHORITY

16/08/2002

25/08/2010

INTER-CONNECTED STOCK EXCHANGE

08/12/2009

MINISTRY OF CORPORATE AFFAIRS - VANISHING COMPANIES

20/01/2010

MINISTRY OF CORPORATE AFFAIRS, OFFICIAL LIQUIDATORS

08/04/2007

MINISTRY OF CORPORATE AFFAIRS, REGISTRARS OF COMPANIES

MINISTRY OF CORPORATE AFFAIRS, SERIOUS FRAUD INVESTIGATION OFFICE

31/08/2010

MINISTRY OF CORPORATE AFFAIRS, SIMPLIFIED EXIT SCHEME

MINISTRY OF FINANCE, DEPARTMENT OF REVENUE

01/09/2010

NATIONAL HOUSING BANK

31/08/2010

NATIONAL SECURITIES DEPOSITORY LTD.

20/08/2010

NATIONAL STOCK EXCHANGE OF INDIA LTD.

01/01/2000

04/08/2010

RESERVE BANK OF INDIA

01/08/1996

01/09/2010

SECURITIES AND EXCHANGE BOARD OF INDIA (For only consent orders click here)

01/01/1997

01/09/2010

OTHER SOURCES IN THE OFFING


	ASSOCIATION OF MUTUAL FUNDS OF INDIA
	BOARD FOR INDUSTRIAL & FINANCIAL RECONSTRUCTION
	COURTS
	CREDIT INFORMATION BUREAU (INDIA) LTD.
	ECONOMIC OFFENCES WING
	ENFORCEMENT DIRECTORATE
	ENVIRONMENT POLLUTION BOARD
	FINANCIAL INSTITUTIONS
	INCOME TAX DEPARTMENT
	INSTITUTE OF COMPANY SECRETARIES OF INDIA,THE
	INSTITUTE OF COST AND WORKS ACCOUNTANTS OF INDIA
	LABOUR DEPARTMENT
	RATING AGENCIES
	SERVICE TAX
	STATE FINANCIAL CORPORATIONS
	STATE INDUSTRIAL DEVELOPMENT CORPORATIONS

DISCLAIMER
THE GOVERNMENT OF INDIA (MINISTRY OF CORPORATE AFFAIRS)
BEARS NO RESPONSIBILITY FOR THE INFORMATION THAT IS PUT ON THIS WEBSITE.

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