| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 181 |
|
SHRIRAM GENERAL INSURANCE CO.LTD.
|
|
|
CONSIDERABLE DELAY IN PROCESSING AND SETTLEMENT OF DEATH CLAIMS
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
10-JAN-2011
|
|
| 182 |
|
|
SHRIRAM GENERAL INSURANCE CO.LTD.
|
|
|
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
ALLOWED DISCOUNTS/DISCRETIONARY DISCOUNTS OVER AND ABOVE APPROVED STRUCTURE
DID NOT DOCUMENT STANDARD PROCEDURE IN CONSIDERING CLAIMS ON NON STANDARD/SUBSTANDARD BASIS
|
IMPOSED PENALTY RS.15,00,000
25-JUL-2016
|
|
| 183 |
|
|
SHRIRAM GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO BOARD APPROVED UNDERWRITING DIRECTIVES/INSTRUCTIONS/GUIDELINES AND DID NOT FOLLOW THE RATE ALLOWED UNDER PRODUCT FILING FOR THE GROUP POLICIES ISSUED VIOLATING FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
|
IMPOSED PENALTY RS.6,00,000
04-MAY-2021
|
|
| 184 |
|
|
SHRIRAM LIFE INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO OBLIGATIONS TOWARDS SOCIAL SECTOR IN 2006-07
|
IMPOSED PENALTY RS.5,00,000
DIRECTED TO MEET UNFULFILLED PART OF RURAL AND/OR SOCIAL SECTORS
10-SEP-2007
|
|
| 185 |
|
|
SHRIRAM LIFE INSURANCE CO.LTD.
|
|
|
VIOLATED DIRECTIVES/INSTRUCTIONS/GUIDELINES OF IRDA ON ADVERTISEMENTS
|
ADVISED STRICTLY TO ABIDE BY ALL REGULATIONS AND GUIDELINES RELATING TO INSURANCE ADVERTISEMENTS
01-OCT-2010
|
|
| 186 |
|
|
SHRIRAM LIFE INSURANCE CO.LTD.
|
|
|
DELAY IN CANCELLATION OF POLICIES UNDER FREE LOOK OPTION
|
ADVISED INSURANCE COMPANIES TO STRICTLY ADHERE TO IRDA GUIDELINES
30-AUG-2011
|
|
| 187 |
|
|
SHRIRAM LIFE INSURANCE CO.LTD.
|
|
|
ISSUED ADVERTISEMENT WHEREIN AN OFFER OF 2% REBATE WAS MADE IN VIOLATION OF SECTION 41 OF THE INSURANCE ACT, 1938
PERMITTED VARIOUS UNLICENSED INDIVIDUALS TO SOLICIT AND PROCURE BUSINESS
ISSUED AND SENT CHEQUE IN FAVOUR OF MASTER POLICY HOLDER IN CASE OF DEATH CLAIMS
OUTSOURCED PARTIALLY ACTIVITY OF NAV COMPUTATION EVEN THOUGH ASSETS UNDER MANAGEMENT CROSSED RS. 500 CRORE
TOOK TREND OF PREVIOUS WEEK TO KNOW ABOUT AN EXPANSION OR A CONTRACTION OF FUNDS(S) INSTEAD OF DECIDING IT ON A DAILY BASIS
PAID REFERRAL FEES TO ITS GROUP COMPANIES
INCURRED OTHER EXPENSES ON REFERRAL PARTNERS APART FROM REFERRAL FEE
PROVIDED CREDIT OF PREMIUM TO POLICYHOLDERS ONLY FROM DATE OF REALIZATION OF AMOUNT
PAID TRAINING EXPENSES IN ADDITION TO BROKERAGE PAID
DID NOT MENTION IN INSURANCE CERTIFICATE OF NON-EMPLOYER GROUP, THE AMOUNT OF PREMIUM CHARGED AND PROCEDURE TO BE FOLLOWED TO REGISTER CLAIM WITH INSURER INCLUDING FULL ADDRESS OF INSURER
FAILED TO PAY INTEREST ON CLAIM AMOUNT IN CASE OF DELAY OF MORE THAN 30 DAYS FROM DATE OF CLAIM ADMISSION TO DATE OF SETTLEMENT
REPUDIATED DEATH CLAIMS FOR NON-SUBMISSION OF CLAIM REQUIREMENTS WITHOUT ALLOWING SUFFICIENT TIME TO CLAIMANT
FREE LOOK CLAUSE IN POLICY DOCUMENT DID NOT SPECIFY “THE AMOUNT PAYABLE TO THE POLICYHOLDER IN CASE HE OPTS FOR FREE LOOK CANCELLATION” AND RECOVERING PROPORTIONATE POLICY ADMINISTRATION CHARGE PLUS A FIXED DOCUMENT CHARGES
|
IMPOSED PENALTY RS.28,00,000
03-MAY-2012
|
|
| 188 |
|
|
SHRIRAM LIFE INSURANCE CO.LTD.
|
|
|
SETTLED DEATH CLAIMS IN FAVOUR OF GROUP MASTER POLICYHOLDER
DID NOT OBTAIN CONFIRMATION OF RECEIPT OF CLAIM PAYMENT FROM THE BENEFICIARIES
AUTOMATED SETTLEMENT OPTION (WITHOUT OPTION/CONSENT BY POLICY HOLDER) ON MATURITY DATE, IF POLICYHOLDER DOES NOT REVERT FOR THE COMMUNICATION SENT
SETTLED DEATH CLAIMS IN FAVOUR OF MASTER POLICYHOLDERS UNDER NON-EMPLOYER/EMPLOYEE GROUP POLICIES
|
IMPOSED PENALTY RS.6,00,000
17-OCT-2016
|
|
| 189 |
|
|
SHRIRAM LIFE INSURANCE CO.LTD.
|
|
|
DID NOT RE-DISPATCH DOCUMENTS EVEN AFTER COMPLAINT FILED BY THE CUSTOMER/S
DID NOT PUT IN PLACE ADEQUATE PROCESSES AND SYSTEMS TO ENSURE REGULATORY COMPLIANCE AROUND FREE LOOK CANCELLATION FACILITY AND ALL OTHER BUILDING BLOCKS LIKE DISPATCH OF POLICY BONDS, GRIEVANCES RELATING TO NON-RECEIPT OF POLICY BONDS ETC.
DID NOT INSTITUTE SYSTEMS AND PROCESSES TO DETECT INTENDED FRAUDS AND MISREPRESENTATION BY LIFE ASSURED/ POLICYHOLDERS
DID NOT CARRY OUT DUE DILIGENCE BY OBTAINING STANDARDIZED AND VERIFIABLE PROOF OF ACTUAL ANNUAL INCOME OF POLICYHOLDER’S
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
22-SEP-2025
|
|
| 190 |
|
|
SHRIRAM TRANSPORT FINANCE CO.LTD.
|
|
|
ENGAGED PERSONS OTHER THAN SPECIFIED PERSONS TO PROCURE BUSINESS
|
IMPOSED PENALTY RS.15,00,000
27-SEP-2019
|
|
| 191 |
|
|
STAR HEALTH & ALLIED INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO THE PROVISIONS OF ADVERTISEMENT REGULATIONS, DIRECTIVES/INSTRUCTIONS/GUIDELINES AND CIRCULARS ISSUED BY IRDA WHILE RELEASING INSURANCE ADVERTISEMENTS
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
21-AUG-2015
|
|
| 192 |
|
|
STAR HEALTH & ALLIED INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO IRDAI INFORMATION & CYBER SECURITY GUIDELINES, 2023
|
IMPOSED PENALTY RS.3,39,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
25-JUL-2025
|
|
| 193 |
|
|
STAR UNION DAI-ICHI LIFE INSURANCE CO.LTD.
|
|
|
SETTLED DEATH CLAIMS IN FAVOUR OF MASTER POLICYHOLDERS UNDER NON-EMPLOYER/EMPLOYEE GROUP POLICIES
|
IMPOSED PENALTY RS.1,00,000
21-MAR-2016
|
|
| 194 |
|
|
STAR UNION DAI-ICHI LIFE INSURANCE CO.LTD.
|
|
|
REPUDIATED THE CLAIM ON THE BASIS OF NON-DISCLOSURE OF NON MATERIAL INFORMATION VIOLATING SECTION 45(4) OF INSURANCE ACT, 1938
|
IMPOSED PENALTY RS.1,00,000
10-JAN-2019
|
|
| 195 |
|
|
TATA AIA LIFE INSURANCE CO.LTD.
|
|
|
PAID APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION/REMUNERATION TO CORPOARTE AGENTS
|
IMPOSED PENALTY RS.10,00,000
03-JUL-2015
|
|
| 196 |
|
|
TATA AIA LIFE INSURANCE CO.LTD.
|
|
|
MICRO INSURANCE AGENT SIGNED HIMSELF ON BEHALF OF LIFE ASSURED IN PROPOSAL FORM ON BEHALF OF LIFE ASSURED VIOLATING PROVISIONS OF REGULATION 3(4) OF IRDA (PROTECTION OF POLICYHOLDERS’ INTEREST) REGULATIONS, 2002
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
09-OCT-2015
|
|
| 197 |
|
|
TATA AIA LIFE INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO EXPENSES OF MANAGEMENT (EOM) LIMITS PRESCRIBED UNDER SECTION 40B OF INSURANCE ACT, 1938 READ WITH RULE 17D OF INSURANCE RULES, 1939
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
09-MAR-2016
|
|
| 198 |
|
|
TATA AIG GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO OBLIGATORY TARGET IN TERMS OF MINIMUM PREMIUM TO BE UNDERWRITTEN IN RESPECT OF STANDALONE COMMERCIAL VEHICLE MOTOR THIRD PARTY INSURANCE
|
IMPOSED PENALTY RS.5,00,000
11-SEP-2013
|
|
| 199 |
|
|
TATA AIG GENERAL INSURANCE CO.LTD.
|
|
|
ENTERED INTO ADDITIONAL RELATIONSHIP WITH CORPORATE AGENTS AND INDIVIDUAL AGENTS AND MADE ADDITIONAL PAYOUTS
SOLICITED BUSINESS THROUGH OTHER THAN LICENSED ENTITIES IN NAME OF RETAINERS/FIELD USERS ETC.
ALLOWED CORPORATE AGENT TO SOLICIT BUSINESS EVEN WITHOUT CHIEF INSURANCE EXECUTIVE (CIE)/SPECIFIED PERSON (SP) WITH CORPORATE AGENT AND ALSO ALLOWED TO SOLICIT BUSINESS ON PAN INDIA BASIS WITH A SINGLE SP ONLY
TERMS OF THE TRIPARTITE AGREEMENT ENTERED WAS AGAINST VARIOUS DIRECTIVES/INSTRUCTIONS/GUIDELINES & ACT PROVISIONS
|
IMPOSED PENALTY RS.20,00,000
17-APR-2017
|
|
| 200 |
|
|
TATA AIG GENERAL INSURANCE CO.LTD.
|
|
|
COLLECTED RENEWAL PREMIUM FOR THREE YEARS IN ADVANCE OUT OF THE LOAN GRANTED BY CORPORATE AGENT VIOLATING REGULATIONS 3(2) AND 3(3) OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.1,00,00,000
29-JAN-2020
|
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
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| Page 10 of 11
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