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SOURCE OF INFORMATION : INSURANCE REGULATORY & DEVELOPMENT AUTHORITY OF INDIA WEBSITE
PERIOD COVERED : 16-AUG-2002 TO 27-AUG-2025

NAMES IN BROWN COLOUR
Names of entities/persons in brown colour denote that the regulatory order is not against them but their names have been mentioned only for association purposes.

INSURANCE BROKER: IMPOSED PENALTY

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
41
History of entity/person UIB INSURANCE BROKERS (INDIA) PVT.LTD.  
  SIGNIFICANT DELAY IN REMITTANCE TO CEDANTS / REINSURERS / REINSURANCE BROKERS VIOLATING SCHEDULE II-FORM U (F) OF IRDAI (INSURANCE BROKERS) REGULATIONS, 2018   IMPOSED PENALTY RS.1,00,00,000

DIRECTED TO UNDERTAKE A REVIEW OF ALL PENDING REMITTANCES AND FILE ACTION TAKEN REPORT INCLUDING STATUS OF PENDING REMITTANCES

DIRECTED TO REVIEW INTERNAL CONTROLS AND IDENTIFY DEFICIENCIES IN PROCESSES AND DRAW ACTION PLAN TO ENSURE THAT ISSUES ARE ADDRESSED AND CORRECTIVE ACTIONS ARE IMPLEMENTED TO BRING AVERAGE DELAY WITH MANDATED TURNAROUND TIMES

19-FEB-2025 		 
42
History of entity/person UNISON INSURANCE BROKING SERVICES PVT.LTD.  
  INDULGED IN ISSUANCE OF FRAUDULENT REINSURANCE SLIPS OF CROP REINSURANCE RISK COVER TO TATA-AIG GENERAL INSURANCE COMPANY   IMPOSED PENALTY RS.1,00,00,000

08-JAN-2020 		 
43
History of entity/person UNITED INDIA INSURANCE CO.LTD.  
  MISLED IRDA BY STATING THAT POLICY WORDING WERE AS PER FILED PRODUCT IN YEAR 2006

MISLED IRDA BY STATING THAT REASONS FOR CANCELLATION WERE NON DISCLOSURE OF CORRECT INFORMATION OF CLAIM EXPERIENCE AT THE TIME OF INSURANCE

MISLED IRDA BY STATING THAT POLICY WAS CANCELLED AS PER CANCELLATION CLAUSE INSPITE OF THE FACT THAT CLAUSE WAS REVISED WITHOUT FILING AND TAKING APPROVAL OF IRDA

DELAY IN SENDING DISCHARGE VOUCHER TO INSURED   		IMPOSED PENALTY RS.5,00,000

28-JUL-2014 		 
44
History of entity/person VISISTA INSURANCE BROKING SERVICES PVT.LTD.  
  DID NOT INTEMATE IRDA ABOUT OPENING OF NEW OFFICE VIOLATING REGULATION 38(4)(I) OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013   IMPOSED PENALTY RS.1,00,000

25-MAY-2021 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.
 
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