| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 121 |
|
NATIONAL INSURANCE CO.LTD.,THE
|
|
|
DID NOT FOLLOW FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES AT THE TIME OF RENEWAL OF MEGA RISK POLICY FOR REFINERIES DIVISION OF INDIAN OIL CORP.LTD.
|
IMPOSED PENALTY RS.2,00,000
25-JAN-2008
|
|
| 122 |
|
|
NATIONAL INSURANCE CO.LTD.,THE
|
|
|
ACTED AS FRONT RUNNER FOR FOREIGN INSURER AT THE TIME OF ISSUANCE OF INSURANCE POLICIES TO ONGC
|
IMPOSED PENALTY RS.5,00,000
26-JUL-2010
|
|
| 123 |
|
|
NATIONAL INSURANCE CO.LTD.,THE
|
|
|
DID NOT ADHERE TO FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
DID NOT EXERCISE DUE SKILL, CARE AND DILIGENCE WHILE SUBMITTING PRICE-BID FOR ISSUANCE OF INSURANCE POLICIES TO DELHI AND MUMBAI INTERNATIONAL AIRPORTS
|
IMPOSED PENALTY RS.5,00,000
26-JUL-2010
|
|
| 124 |
|
|
NATIONAL INSURANCE CO.LTD.,THE
|
|
|
DID NOT EXERCISE DUE DILIGENCE IN TERMS OF CLAUSE 5 OF DIRECTIVES/INSTRUCTIONS/GUIDELINES IN MATTER OF RENEWAL OF LICENCE OF CORPORATE AGENTS
DID NOT REFER APPLICATION TO IRDA FOR EXERCISING POWERS VESTED IN IT UNDER IRDA ACT, 1999 AND IRDA (LICENSING OF CORPORATE AGENTS) REGULATIONS, 2002 IN MATTER OF GRANT OF LICENSE TO CORPORATE AGENTS
|
IMPOSED PENALTY RS.5,00,000
07-JUN-2011
|
|
| 125 |
|
|
NATIONAL INSURANCE CO.LTD.,THE
|
|
|
DID NOT EXERCISE DUE SKILL, CARE & DILIGENCE WHILE ISSUING SHOPKEEPER POLICY AND DELAY IN INFORMATION OF REJECTION OF CLAIM TO POLICY HOLDER
|
IMPOSED PENALTY RS.5,00,000
05-DEC-2011
|
|
| 126 |
|
|
NATIONAL INSURANCE CO.LTD.,THE
|
|
|
DID NOT ADHERE TO CIRCULAR ISSUED BY IRDA
|
IMPOSED PENALTY RS.5,00,000
08-AUG-2012
|
|
| 127 |
|
|
NATIONAL INSURANCE CO.LTD.,THE
|
|
|
DID NOT ADHERE TO IRDA REGULATIONS/DIRECTIVES/INSTRUCTIONS/GUIDELINES/CIRCULARS IN RESPECT OF ISSUANCE OF "BOI NATIONAL SWASTHYA BIMA POLICY"
DID NOT FURNISH REQUIRED INFORMATION/DOCUMENTS TO IRDA WITHIN STIPULATED TIME
|
IMPOSED PENALTY RS.5,00,000
27-APR-2015
|
|
| 128 |
|
|
NATIONAL INSURANCE CO.LTD.,THE
|
|
|
MADE ADDITIONAL PAYOUTS TOWARDS OTHER SERVICES OVER AND ABOVE COMMISSION
ENTERED INTO AGREEMENTS TO PROVIDE INSURER SERVICES WHICH WERE REQUIRED TO BE EITHER PERFORMED BY A LICENSED INTERMEDIARY OR BY THE INSURER AND NOT PERMITTED TO BE OUTSOURCED
ALLOWED DISCOUNTS/DISCRETIONARY DISCOUNTS OVER AND ABOVE APPROVED STRUCTURE
|
IMPOSED PENALTY RS.15,00,000
06-MAY-2016
|
|
| 129 |
|
|
NEW INDIA ASSURANCE CO.LTD.,THE
|
|
|
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
|
|
| 130 |
|
|
NEW INDIA ASSURANCE CO.LTD.,THE
|
|
|
DID NOT FOLLOW FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES AT THE TIME OF RENEWAL OF MEGA RISK POLICY FOR REFINERIES DIVISION OF INDIAN OIL CORP.LTD.
|
IMPOSED PENALTY RS.2,00,000
25-JAN-2008
|
|
| 131 |
|
|
NEW INDIA ASSURANCE CO.LTD.,THE
|
|
|
DID NOT SUBMIT QUARTERLY FINANCIAL AND SOLVENCY MARGIN STATEMENTS
|
IMPOSED PENALTY RS.5,00,000
DIRECTED TO SUBMIT QUARTERLY FINANCIAL AND SOLVENCY MARGIN STATEMENTS
19-MAR-2009
|
|
| 132 |
|
|
NEW INDIA ASSURANCE CO.LTD.,THE
|
|
|
DID NOT ADHERE TO OBLIGATIONS TOWARDS SOCIAL SECTOR IN 2007-08
|
IMPOSED PENALTY RS.5,00,000
DIRECTED TO MEET UNFULFILLED PART OF RURAL AND/OR SOCIAL SECTORS
20-MAR-2009
|
|
| 133 |
|
|
NEW INDIA ASSURANCE CO.LTD.,THE
|
|
|
EXCEEDED PERMISSIBLE LIMITS ON EXPENSES OF MANAGEMENT UNDER SECTION 40C OF INSURANCE ACT,1938
|
ADVISED TO BRING EXPENDITURE LEVELS WITHIN THE PRESCRIBED LIMITS
18-NOV-2010
|
|
| 134 |
|
|
NEW INDIA ASSURANCE CO.LTD.,THE
|
|
|
DID NOT ADHERE TO OBLIGATIONS TOWARDS RURAL AND SOCIAL SECTORS IN 2009-10
|
IMPOSED PENALTY RS.10,00,000
DIRECTED TO MEET UNFULFILLED PART OF RURAL AND/OR SOCIAL SECTORS
07-JUN-2011
|
|
| 135 |
|
|
NEW INDIA ASSURANCE CO.LTD.,THE
|
|
|
DID NOT EXERCISE DUE DILIGENCE IN TERMS OF CLAUSE 5 OF DIRECTIVES/INSTRUCTIONS/GUIDELINES IN MATTER OF RENEWAL OF LICENCE OF CORPORATE AGENTS
DID NOT REFER APPLICATION TO IRDA FOR EXERCISING POWERS VESTED IN IT UNDER IRDA ACT, 1999 AND IRDA (LICENSING OF CORPORATE AGENTS) REGULATIONS, 2002 IN MATTER OF GRANT OF LICENSE TO CORPORATE AGENTS
|
IMPOSED PENALTY RS.5,00,000
07-JUN-2011
|
|
| 136 |
|
|
NEW INDIA ASSURANCE CO.LTD.,THE
|
|
|
DELAYED IN REDRESSAL OF INSURED'S COMPLAINT
|
IMPOSED PENALTY RS.1,00,000
27-JUL-2011
|
|
| 137 |
|
|
NEW INDIA ASSURANCE CO.LTD.,THE
|
|
|
DID NOT ADHERE TO CIRCULAR ISSUED BY IRDA
|
IMPOSED PENALTY RS.5,00,000
08-AUG-2012
|
|
| 138 |
|
|
NEW INDIA ASSURANCE CO.LTD.,THE
|
|
|
DID NOT FILE MEDICLAIM INSURANCE PRODUCT IN THE MANNER IN WHICH IT WAS ENVISAGED TO BE FILED AND RENEWED POLICIES WITHOUT GETTING CLEARANCE FROM IRDA VIOLATING REGULATION (4) (A) OF IRDA (HEALTH INSURANCE) REGULATIONS, 2013
|
IMPOSED PENALTY RS.5,00,000
19-JAN-2016
|
|
| 139 |
|
|
NEW INDIA ASSURANCE CO.LTD.,THE
|
|
|
PROCURED BUSINESS AND PAID COMMISSION TO AGENTS AFTER EXPIRY OF LICENSE
ALLOWED DISCOUNTS/DISCRETIONARY DISCOUNTS OVER AND ABOVE APPROVED STRUCTURE
DELAY IN APPOINTMENT OF SURVEYORS
DID NOT FOLLOW UP WITH SURVEYORS ON TIMELY SUBMISSION OF REPORT
DELAY IN SETTLEMENT OF CLAIMS AFTER RECEIPT OF SURVEY REPORT
|
IMPOSED PENALTY RS.15,00,000
11-MAR-2016
|
|
| 140 |
|
|
NEW INDIA ASSURANCE CO.LTD.,THE
|
|
|
DELAY IN MAKING PAYMENT OF CLAIMS VIOLATING REGULATION 9 OF IRDA (PROTECTION OF POLICYHOLDERS INTERESTS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.3,00,000
13-SEP-2019
|
|
| 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 7 of 11
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