| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 141 |
|
ORIENTAL 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
17-AUG-2010
|
|
| 142 |
|
|
ORIENTAL INSURANCE CO.LTD.,THE
|
|
|
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
|
|
| 143 |
|
|
ORIENTAL INSURANCE CO.LTD.,THE
|
|
|
DID NOT FOLLOW RATING & DISCOUNTS STRUCTURE FILED WITH IRDA
SOURCED BUSINESS THROUGH MULTI LEVEL MARKETING THROUGH PERSONS WHO DID NOT POSSESS ANY CERTIFICATE/LICENSE
PAID APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION/REMUNERATION TO CORPOARTE AGENTS
REIMBURSED CLAIM PAYMENTS TO GROUP ORGANIZER
PAID VARIOUS CLAIMS TO INSURED PERSONS DUE TO DELAY IN PAYMENT BY TPA/OIC
|
IMPOSED PENALTY RS.20,00,000
08-FEB-2016
|
|
| 144 |
|
|
PNB METLIFE INDIA INSURANCE CO.LTD.
|
|
|
ALLOWED REINSTATEMENT OF POLICY AFTER DATE OF MATURITY VIOLATING TERMS & CONDITIONS OF THE POLICY AS FILED AND APPROVED UNDER FILE & USE
USED SERVICES OF MANY EXTERNAL SERVICE PROVIDERS FOR PURPOSE OF LEAD GENERATON VIOLATING REGULATION 8(1) OF IRDA (SHARING OF DATA BSE) REGULATIONS, 2010
|
IMPOSED PENALTY RS.10,00,000
24-MAR-2017
|
|
| 145 |
|
|
POLICYBAZAAR INSURANCE WEB AGGREGATOR PVT.LTD.
|
|
|
DID NOT MAKE DISCLOSURE OF MATERIAL CHANGE IN COMPOSITION TO IRDA
PRINCIPAL OFFICER HELD DIRECTORSHIP IN OTHER COMPANIES IN ADDITION TO HAVING DIRECTORSHIP IN INSURANCE WEB AGGREGATOR
DID NOT OBTAIN PRIOR APPROVAL FROM IRDA BEFORE APPOINTMENT OF PRINCIPAL OFFICER OF INSURANCE WEB AGGREGATOR AS DIRECTOR IN OTHER COMPANIES
ADVERTISED FIVE INSURERS WHOSE ULIP PRODUCTS WERE DISPLAYED AS TOP RANKED VIOLATING CLAUSE C OF FORM Q UNDER SCHEDULE IV READ WITH REGULATION 26 AND CLAUSE B(II) OF FORM P OF SCHEDULE IV OF IRDAI (INSURANCE WEB AGGREGATOR) REGULATIONS, 2017
DID NOT PROVIDE CLEAR AND ADEQUATE EXPLANATION FOR SUBSTANTIAL PAYMENTS RECEIVED FROM INSURANCE COMPANIES
DID NOT PROVIDE NUMBER OF POLICIES SOLD WITHOUT TAGGING THE SAME WITH AUTHORIZED VERIFIER
DID NOT MAINTAIN CALL RECORDINGS AND ADEQUATE SOLICITATION RELATED DOCUMENTS
DID NOT CONDUCT PROPER DUE DILIGENCE ON THEIR EMPLOYEES
COLLECTED INSURANCE PREMIUM ON BEHALF OF INSURERS WITHOUT BEING AUTHORIZED BY THEM
USED ITS OWN PAYMENT GATEWAY AND NODAL ACCOUNT FOR TRANSMISSION OF INSURANCE PREMIUM TO INSURANCE COMPANIES WITHOUT PRIOR APPROVAL FROM IRDAI
DELAY IN REMITTANCE OF INSURANCE PREMIUM TO INSURERS
WRONGLY RECEIVED COMMISSION AS 17.5% INSTEAD OF 15%
|
IMPOSED PENALTY RS.5,00,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
04-AUG-2025
|
|
| 146 |
|
|
RAHEJA QBE GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO MINIMUM OBLIGATIONS UNDER MOTOR THIRD PARTY INSURANCE BUSINESS VIOLATING IRDAI (OBLIGATION OF INSURER IN RESPECT OF MOTOR THIRD PARTY INSURANCE BUSINESS) REGULATIONS, 2015
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
05-DEC-2025
|
|
| 147 |
|
|
RELIANCE GENERAL INSURANCE CO.LTD.
|
|
|
CHANGED NAME OF GENERAL INSURANCE PRODUCT,TERMS & CONDITIONS AND PRICE OF PRODUCT WITHOUT GETTING CLEARANCE FROM IRDA
|
IMPOSED PENALTY RS.20,00,000
23-JUL-2008
|
|
| 148 |
|
|
RELIANCE 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
|
|
| 149 |
|
|
RELIANCE GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT MAKE DIRECT PAYMENTS TO NETWORK PROVIDER AND POLICYHOLDERS BY INTEGRATING THEIR BANKING SYSTEM PLATFORM WITH NETWORK PROVIDER OR INSURED
|
IMPOSED PENALTY RS.5,00,000
09-APR-2015
|
|
| 150 |
|
|
RELIANCE GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT MAKE DISCLOSURE OF INFORMATION RELATED TO RELIANCE CAPITAL LTD. (RCL) BEING SUBSIDIARY COMPANY OF RELIANCE INNOVENTURES PVT.LTD. VIOLATING REGULATION 2(G)(I) OF IRDA (REGISTRATION OF INSURANCE COMPANIES) REGULATIONS, 2000
|
IMPOSED PENALTY RS.5,00,000
10-SEP-2015
|
|
| 151 |
|
|
RELIANCE GENERAL INSURANCE CO.LTD.
|
|
|
SETTLED LESSER AMOUNTS THAN IDV IN CASE OF MOTOR VEHICLE TOTAL LOSS/THEFT CLAIMS VIOLATING PROVISION 9(5) OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.5,00,000
21-AUG-2018
|
|
| 152 |
|
|
RELIANCE GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT SOLICIT INSURANCE POLICIES HAVING SUM INSURED EXCEEDING RS.5 CRORE PER RISK FOR ALL INSURANCES COMBINED
ENGAGED WITH ADVAITH MOTORS AND MADE PAYMENTS FOR OTHER PROFESSIONAL, TECHNICAL AND BUSINESS SERVICES
APPOINTED IN HOUSE EMPLOYEES TO ASSESS THE LOSS BEYOND RS.50,000.00 UNDER MOTOR INSURANCE WHO DID NOT POSSESS THE LICENSE ISSUED BY IRDAI FOR SURVEYOR
|
IMPOSED PENALTY RS.2,00,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
03-JAN-2024
|
|
| 153 |
|
|
RELIANCE GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT ADEQUATELY DEMONSTRATE AND PROVIDE EVIDENCE REGARDING AUTHENTICITY AND LEGITIMACY OF PAYMENTS MADE TO GLITTERBUG TECHNOLOGIES PVT.LTD
MADE EXTRA PAY-OUTS TO COVERFOX INSURANCE BROKING PVT.LTD. BY ENTERING INTO AGREEMENT WITH ITS PARENT ENTITY GLITTERBUG TECHNOLOGIES PVT.LTD
DID NOT OBTAIN SPECIFIC APPROVAL FROM OUTSOURCING COMMITTEE FOR ACTIVITIES OUTSOURCED TO RELATED PARTY
ENGAGED SUVIDHAA INFOSERVE FOR INSURANCE RELATED ACTIVITIES WITHOUT OBTAINING INSURANCE LICENSE FROM IRDAI
PAID MORE THAN FIFTY PERCENT OF THEIR TOTAL REVENUE FROM SOURCES OTHER THAN INSURANCE COMMISSION VIOLATING REGULATION 6(C) OF IRDAI (PAYMENT OF COMMISSION OR REMUNERATION OR REWARD TO INSURANCE AGENTS & INSURANCE INTERMEDIARIES) REGULATIONS, 2016
|
IMPOSED PENALTY RS.1,00,00,000
26-DEC-2025
|
|
| 154 |
|
|
RELIANCE HEALTH INSURANCE LTD.
|
|
|
DID NOT MAINTAIN REQUIRED SOLVENCY MARGIN
|
DIRECTED TO STOP SELLING NEW POLICIES
DIRECTED TO TRANSFER ENTIRE POLICYHOLDERS LIABILITIES ALONG WITH FINANCIAL ASSETS TO RELIANCE GENERAL INSURANCE CO.LTD.
PROHIBITED FROM USING ITS ASSETS FOR ANY PAYMENT OTHER THAN CLAIM SETTLEMENT
06-NOV-2019
|
|
| 155 |
|
|
RELIANCE LIFE INSURANCE CO.LTD.
|
|
|
OPENED OFFICES WITHOUT OBTAINING PRIOR APPROVAL OF IRDA
DID NOT ISSUE LICENSES IN STIPULATED PERIOD
OUTSOURCED KEY JOBS RELATED TO ISSUE OF LICENSES
ENTERED INTO REFERRAL LIKE AGREEMENTS WITH INDIVIDUALS
PAID EXCESS REFERRAL FEES THAN ENVISAGED IN REFERRAL DIRECTIVES/INSTRUCTIONS/GUIDELINES
|
IMPOSED PENALTY RS.5,00,000
DIRECTED TO ABIDE BY RULES AND REGULATIONS ISSUED BY IRDA UNDER PROVISIONS OF THE INSURANCE ACT,1938
DIRECTED NOT TO OUTSOURCE ANY ACTIVITY INVOLVED IN ISSUE AND RENEWAL OF LICENCES
DIRECTED TO CANCEL REFERRAL AGREEMENTS WITH INDIVIDUALS
12-AUG-2010
|
|
| 156 |
|
|
RELIANCE LIFE INSURANCE CO.LTD.
|
|
|
PAID APART/OVER AND ABOVE PERMISSIBLE AGENCY COMMISSION/REMUNERATION TO CORPOARTE AGENTS
PAID AMOUNT FOR WHICH SERVICE PROVIDER PREMIER TRAINING PVT.LTD. (PTPL) NOT PERFORM ACTIVITIES SPECIFIED IN AGREEMENT
DID NOT PROVIDE DETAILS OF VENDORS AS SOUGHT BY INSPECTION TEAM
DID NOT INITIATE THE PROCESS OF TERMINATION AS PER TERMS & CONDITIONS LAID DOWN IN OUTSOURCING AGREEMENT
DID NOT PERFORM DUE DILIGENCE BUT CARRIED OUT ONLY PAPER WORK AND ANNUAL PERFORMANCE APPRAISAL WAS ALSO NOT CARRIED OUT
MADE SIGNIFICANT PAYOUTS TO RELIANCE MONEY INFRASTRUCTURE LTD., TOWARDS SHARING OF CUSTOMERS INFORMATION
DID NOT EXERCISE PROPER DUE DILIGENCE AND VIOLATED PROVISIONS OF CLAUSE 10 OF OUTSOURCING DIRECTIVES/INSTRUCTIONS/GUIDELINES
ENGAGED IN REFERRAL TIE-UP WITH RELIANCE MONEY INFRASTRUCTURE LTD. WITHOUT TAKING APPROVAL OF AUTHORITY
MADE PAYMENTS TO VARIOUS ENTITIES TOWARDS MARKETING ACTIVITIES, DISSEMINATION OF INFORMATION AND GENERATION OF LEADS
|
IMPOSED PENALTY RS.85,00,000
06-AUG-2015
|
|
| 157 |
|
|
RELIANCE LIFE INSURANCE CO.LTD.
|
|
|
DID NOT MAKE DISCLOSURE OF INFORMATION RELATED TO RELIANCE CAPITAL LTD. (RCL) BEING SUBSIDIARY COMPANY OF RELIANCE INNOVENTURES PVT.LTD. VIOLATING REGULATION 2(G)(I) OF IRDA (REGISTRATION OF INSURANCE COMPANIES) REGULATIONS, 2000
|
IMPOSED PENALTY RS.5,00,000
10-SEP-2015
|
|
| 158 |
|
|
RELIANCE NIPPON LIFE INSURANCE CO.LTD.
|
|
|
MADE PAYMENTS TO CHANNEL DEVELOPMENT ASSOCIATES (CDAS) WITHOUT ANY INVOICE AND WITHOUT ANY BASIS PRIOR TO DECEMBER 2013 VIOLATING CLAUSE 9.6 (II) OUTSOURCING DIRECTIVES/INSTRUCTIONS/GUIDELINES DATED 01/02/2011 AND CLAUSE 6 OF CORPORATE DIRECTIVES/INSTRUCTIONS/GUIDELINES DATED 05/08/2009
DID NOT PROVIDE DETAILS OF MANNER OF WORKING OF CHANNEL DEVELOPMENT ASSOCIATE VARUN ENTERPRISES AND THE BREAKUP OF PAYMENTS MADE
|
IMPOSED PENALTY RS.15,00,000
03-NOV-2016
|
|
| 159 |
|
|
RELIANCE NIPPON LIFE INSURANCE CO.LTD.
|
|
|
DEDUCTED PROPORTIONATE PREMIUM INSTEAD OF PROPORTIONATE RISK PREMIUM IN FREE LOCK CANCELLATION (FLC) POLICIES VIOLATING IRDAI (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.5,00,000
21-DEC-2017
|
|
| 160 |
|
|
RELIANCE NIPPON LIFE INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO THE DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED VIDE LETTER NO.446/6/F&A/EML/2011-12/223/2013-14 DATED 12/03/2014
|
IMPOSED PENALTY RS.5,00,000
09-MAR-2018
|
|
| 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 8 of 11
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