| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 161 |
|
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
|
|
| 162 |
|
|
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
|
|
| 163 |
|
|
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
|
|
| 164 |
|
|
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
|
|
| 165 |
|
|
RELIANCE NIPPON LIFE INSURANCE CO.LTD.
|
|
|
DID NOT EXERCISE DUE DILIGENCE WHILE OUTSOURCING ACTIVITY TO VANS MEDICARE & BIOTECHNOLOGY PVT.LTD. VIOLATING CLAUSES 10 AND 10.1 OF OUTSOURCING DIRECTIVES/INSTRUCTIONS/GUIDELINES
DID NOT CONDUCT EFFECTIVE & MEANINGFUL COST BENEFIT ANALYSIS VIOLATING CLAUSE 9.6(II) OF OUTSOURCING DIRECTIVES/INSTRUCTIONS/GUIDELINES
DID NOT SUBMIT TIMELY INFORMATION VIOLATING CLAUSE 9.8 OF OUTSOURCING DIRECTIVES/INSTRUCTIONS/GUIDELINES
MADE PAYMENTS WITHOUT CONSIDERING MATERIAL FACTORS VIOLATING CLAUSE 9.6 OF OUTSOURCING DIRECTIVES/INSTRUCTIONS/GUIDELINES
DID NOT ADHERE TO REPORTING REQUIREMENTS VIOLATING CLAUSE 11.2 OF OUTSOURCING DIRECTIVES/INSTRUCTIONS/GUIDELINES
ENTERED INTO REFERRAL ARRANGEMENT WITH RMIL WITHOUT TAKING APPROVAL OF IRDA VIOLATING REGULATION 3 OF IRDA (SHARING OF DATABASE FOR DISTRIBUTION OF INSURANCE PRODUCTS) REGULATIONS, 2010
|
IMPOSED PENALTY RS.40,00,000
13-NOV-2018
|
|
| 166 |
|
|
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
|
|
| 167 |
|
|
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
|
|
| 168 |
|
|
ROYAL SUNDARAM ALLIANCE INSURANCE CO.LTD.
|
|
|
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
|
|
| 169 |
|
|
ROYAL SUNDARAM ALLIANCE 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
|
|
| 170 |
|
|
ROYAL SUNDARAM ALLIANCE INSURANCE CO.LTD.
|
|
|
MADE PAYMENTS TO CORPORATE AGENTS IN ADDITION TO COMMISSION FOR VARIOUS ACTIVITIES
PAID TO AUTO DEALERS IN THE NATURE OF REMUNERATION TOWARDS OUTSOURCING OF PROMOTIONAL AND BRANDING ACTIVITIES
OUTSOURCED CORE ACTIVITIES LIKE ALLOWING THIRD PARTIES TO DECIDE PREMIUM RATES, TO DO SURVEY AND ASSESS LOSS ETC.
DID NOT MAINTAIN SPECIMEN COPIES OF ADVERTISEMENTS
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
PAID COMMISSION TO OTHER THAN LICENSED AGENTS
MADE CHANGES TO TARIFF WORDINGS WITHOUT FILING AND TAKING APPROVAL FROM IRDA
ALLOWED DISCOUNTS UP TO 90% UNDER ENGINEERING & FIRE SEGMENTS EVEN THOUGH THE MAXIMUM DISCOUNT ALLOWED WAS 60%
ISSUED GROUP PERSONAL ACCIDENT INSURANCE POLICY (GPA) TO PRIMARY CARD HOLDERS WHICH WAS NOT AS PER FILED VERSION OF THE PRODUCT
DID NOT FILE “SUNDARAM CREDIT PROTECT” WITH IRDA AS PER FILE AND USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
ISSUED UNNAMED POLICY COVERING MEMBERS OF INSURED
|
IMPOSED PENALTY RS.40,00,000
06-MAY-2016
|
|
| 171 |
|
|
ROYAL SUNDARAM GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT ADHERE TO FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES
DID NOT ADHERE TO MOTOR VEHICLE ACT RELATED TO TOTAL LOSS/CONSTRUCTIVE TOTAL LOSS VIOLATING REGULATION 9(5) OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002
|
IMPOSED PENALTY RS.5,00,000
19-DEC-2018
|
|
| 172 |
|
|
ROYAL SUNDARAM GENERAL INSURANCE CO.LTD.
|
|
|
MADE PAYMENTS TO AUTOMOBILE DEALERS FOR DATA PROCESSING AND POLICY SERVICING AFTER IMPLEMENTATION OF MISP DIRECTIVES/INSTRUCTIONS/GUIDELINES, I.E.AFTER 1ST NOVEMBER 2017 VIOLATING PARA 15(16) OF (MISP) DIRECTIVES/INSTRUCTIONS/GUIDELINES
|
IMPOSED PENALTY RS.3,00,000
09-APR-2021
|
|
| 173 |
|
|
ROYAL SUNDARAM GENERAL INSURANCE CO.LTD.
|
|
|
CLOSED CLAIMS DUE TO INSUFFICIENT DOCUMENTATION INDICATED A LACK OF DUE DILIGENCE OR THOROUGHNESS IN THE INITIAL CLAIMS REVIEW PROCESS
DID NOT SUBMIT EXPLANATION/ INFORMATION SOUGHT BY THE INSPECTION TEAM DURING THE INSPECTION PERIOD
|
IMPOSED PENALTY RS.1,00,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
23-JAN-2025
|
|
| 174 |
|
|
SAHARA INDIA LIFE INSURANCE CO.LTD.
|
|
|
OPENED OFFICES WITHOUT OBTAINING PRIOR APPROVAL OF IRDA
|
ADVISED STRICTLY ADHERE TO PROVISIONS OF INSURANCE ACT, 1938
19-MAY-2010
|
IRDA VIDE ITS PUBLIC NOTICE DATED 23/06/2017 DIRECTED SAHARA TO NOT TO PROCURE / COLLECT PROPOSAL DEPOSITS / UNDERWRITE NEW BUSINESS WITH IMMEDIATE EFFECT, I.E., CLOSE OF BUSINESS ON 23/06/2017. DIRECTED SAHARA INDIA LIFE INSURANCE CO.LTD. TO INFORM ALL CONCERNED AGENTS / INTERMEDIARIES OF THE ABOVE DIRECTION AND ENSURE THAT THEY DO NOT PROCURE / COLLECT PROPOSAL DEPOSITS TOWARDS NEW INSURANCE BUSINESS IMMEDIATELY ON RECEIPT OF THIS ORDER. FURTHER, DIRECTED TO CONTINUE TO COLLECT AND ACCOUNT FOR THE RENEWAL PREMIUM AND SERVICE THE EXISTING BUSINESS AND POLICYHOLDERS, UNHINDERED
IRDA VIDE ITS NOTICE DATED 12/06/2017 APPOINTED MR.R.K.SHARMA, GM (F&A-NL), IRDAI AS ADMINISTRATOR FOR MANAGING THE AFFAIRS OF SAHARA INDIA LIFE INSURANCE CO.LTD., WITH IMMEDIATE EFFECT
|
| 175 |
|
|
SAHARA INDIA LIFE INSURANCE CO.LTD.
|
|
|
DELAY IN DESPATCH OF POLICY BONDS
PERMITTED VARIOUS UNLICENSED INDIVIDUALS TO SOLICIT AND PROCURE BUSINESS
DELAY IN DEATH CLAIM PAYMENTS AND SETTLED WITHOUT PENAL INTEREST
ALLOWED GRACE PERIOD OF 90 DAYS IN CASE OF POLICIES WITH GROUP BILLING INSTEAD OF 30 DAYS
DID NOT GET APPROVAL OF ACTUARY FOR PREMIUM QUOTATIONS IN GROUP SCHEMES
DID NOT SHOW PAYMENTS MADE TO SAHARA CARE IN RELATED PARTY TRANSACTIONS
|
IMPOSED PENALTY RS.12,00,000
27-FEB-2012
|
IRDA VIDE ITS PUBLIC NOTICE DATED 23/06/2017 DIRECTED SAHARA TO NOT TO PROCURE / COLLECT PROPOSAL DEPOSITS / UNDERWRITE NEW BUSINESS WITH IMMEDIATE EFFECT, I.E., CLOSE OF BUSINESS ON 23/06/2017. DIRECTED SAHARA INDIA LIFE INSURANCE CO.LTD. TO INFORM ALL CONCERNED AGENTS / INTERMEDIARIES OF THE ABOVE DIRECTION AND ENSURE THAT THEY DO NOT PROCURE / COLLECT PROPOSAL DEPOSITS TOWARDS NEW INSURANCE BUSINESS IMMEDIATELY ON RECEIPT OF THIS ORDER. FURTHER, DIRECTED TO CONTINUE TO COLLECT AND ACCOUNT FOR THE RENEWAL PREMIUM AND SERVICE THE EXISTING BUSINESS AND POLICYHOLDERS, UNHINDERED
IRDA VIDE ITS NOTICE DATED 12/06/2017 APPOINTED MR.R.K.SHARMA, GM (F&A-NL), IRDAI AS ADMINISTRATOR FOR MANAGING THE AFFAIRS OF SAHARA INDIA LIFE INSURANCE CO.LTD., WITH IMMEDIATE EFFECT
|
| 176 |
|
|
SBI 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
|
|
| 177 |
|
|
SBI 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
|
IMPOSED PENALTY RS.25,00,000
09-APR-2021
|
|
| 178 |
|
|
SBI 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
|
IMPOSED PENALTY RS.30,00,000
05-MAY-2021
|
|
| 179 |
|
|
SBI LIFE INSURANCE CO.LTD.
|
|
|
INSERTED CLAUSES INTO POLICY DOCUMENT WITHOUT SEEKING APPROVAL OF IRDA
|
IMPOSED PENALTY RS.10,00,000
28-JUL-2010
|
|
| 180 |
|
|
SBI LIFE INSURANCE CO.LTD.
|
|
|
REIMBURSED GROUP ADMINISTRATIVE EXPENSES TO CORPORATE AGENTS AND GROUP MASTER POLICYHOLDERS WITHOUT PRIOR APPROVAL OF IRDA
|
IMPOSED PENALTY RS.70,00,000
08-JUL-2011
|
REPRESENTATION PREFERRED UNDER SECTION 34(2) IS REJECTED AND ACCORDINGLY DISPOSED OFF. DIRECTED SBI LIFE INSURANCE CO.LTD. TO IMMEDIATELY IMPLEMENT THE DIRECTIONS ISSUED VIDE ORDER DATED 05/10/2012 AND SUBMIT A COMPLIANCE REPORT WITHIN THIRTY DAYS FROM THE DATE OF THIS ORDER
IRDA VIDE ITS 05/10/2012 PASSED CERTAIN DIRECTIONS
|
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| Page 9 of 11
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