| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 21 |
|
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
|
|
| 22 |
|
|
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
|
|
| 23 |
|
|
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
|
|
| 24 |
|
|
SBI LIFE INSURANCE CO.LTD.
|
|
|
SUBMITTED CERTIFICATE SIGNED BY CEO AND CFO THAT ALL CLAIMS BEYOND THREE YEARS FROM DOC/DOR HAVE BEEN PAID ALONG WITH PENAL INTEREST
DID NOT ENSURE SUITABLE INFRASTRUCTURE REQUIREMENTS BEFORE LAUNCH OF NEW PRODUCTS AND AFTER WITHDRAWAL OF EXISTING PRODUCT
OUTSOURCED ACTIVITIES FROM MIC INSURANCE WEB AGGREGATORS PVT.LTD. AND EASYPOLICY INSURANCE WEB AGGREGATORS PVT.LTD. WHICH WERE NOT SOLICITED THROUGH THEM
|
IMPOSED PENALTY RS.1,00,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
DIRECTED TO SUBMIT ACTION TAKEN REPORT
06-SEP-2024
|
|
| 25 |
|
|
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
|
|
| 26 |
|
|
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
|
|
| 27 |
|
|
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
|
|
| 28 |
|
|
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
|
|
| 29 |
|
|
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
|
|
| 30 |
|
|
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
|
|
| 31 |
|
|
UNITED INDIA INSURANCE CO.LTD.
|
|
|
DID NOT MAKE DISCLOSURE OF LOADING/DISCOUNT PARAMETRS SPECIFIED IN FILE AND USE APPLICATION BY IRDA
DID NOT MAKE DISCOSURE OF MATRIX IN POLICY CONTRACT ISSUED VIOLATING REGULATION 7(H) (II) (3) OF IRDA (HEALTH INSURANCE) REGULATIONS, 2013
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
31-OCT-2017
|
|
| 32 |
|
|
UNIVERSAL SOMPO GENERAL INSURANCE CO.LTD.
|
|
|
CLOSED CLAIMS IN THE BOOK OF INSURER WITHOUT A FINAL DECISION VIOLATING REGULATION 27(V) OF IRDAI (HEALTH INSURANCE) REGULATIONS, 2016
DELAY IN MAKING REFUND OF PROPOSAL DEPOSIT VIOLATING REGULATIONS 8(6) AND 8(7) OF THE IRDAI (PROTECTION OF POLICYHOLDERS INTEREST) REGULATIONS, 2017
DELAY IN SETTLEMENT OF MOTOR CLAIM VIOLATING REGULATION 15(8) OF IRDAI (PROTECTION OF POLICYHOLDERS’ INTEREST) REGULATIONS, 2017
DID NOT PAY PENAL INTEREST FOR DELAY IN SETTLEMENT OF CLAIMS VIOLATING REGULATION 15(10) OF IRDAI (PROTECTION OF POLICYHOLDERS’ INTEREST) REGULATIONS, 2017
|
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
07-NOV-2025
|
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
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