If you are an Existing User, please enter your Username & Password below

Forgot Password?

Are you a New User? Click here to enrol

close

Click here to visit old website
Co-Sponsors

SOURCE OF INFORMATION : INSURANCE REGULATORY & DEVELOPMENT AUTHORITY OF INDIA WEBSITE
PERIOD COVERED : 16-AUG-2002 TO 14-APR-2026

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 		 
45
History of entity/person WEALTHKART INSURANCE BROKING PVT.LTD.  
  DID NOT OBTAIN PRIOR APPROVAL FROM IRDAI FOR CHANGES IN SHAREHOLDING PATTERN VIOLATING REGULATION 25(2) READ WITH SCHEDULE II, FORM T OF IRDAI (INSURANCE BROKERS) REGULATIONS, 2018

DID NOT FILE QUARTERLY, HALF-YEARLY AND ANNUAL RETURNS WITHIN PRESCRIBED TIMELINES VIOLATING REGULATION 39(2) OF IRDAI (INSURANCE BROKERS) REGULATIONS, 2018

DID NOT MAINTAIN MINIMUM NET WORTH AS REQUIRED UNDER REGULATION 22(1) OF IRDAI (INSURANCE BROKERS) REGULATIONS, 2018   		IMPOSED PENALTY RS.1,00,00,000

CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.

22-JAN-2026 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.
 
First Previous Last  
Page 3 of 3  

This website is not comprehensive and is being updated on a regular basis. Users are requested to carefully look at the formats and the information about the coverage period that appears on search results pages.

DISCLAIMER BY NSE

NSE is the co-sponsor of this website and supportive of the initiative taken for protection of interest of investors by Praxis Consulting & Information Services Pvt.Ltd. (PRAXIS), the creator of this website. However, NSE bear no responsibility for the views/information that is available on this website and as responsibility of the contents of this website solely rests with PRAXIS. NSE shall not be responsible for, and expressly disclaims all liability for, damages of any kind arising out of use, reference to or reliance on any information available on this website. Investors/visitors of this website are also advised to read through the other general disclaimer(s) and terms and conditions available on this website before using the website.

Site designed and maintained by watchoutinvestors.com
© PRIME DATABASE GROUP 2004-2026
No part of this site may be reproduced without the explicit permission of the owners.

top