| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 1 |
|
ANGEL FINANCIAL ADVISORS PVT.LTD.
|
|
|
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
PROCURED BUSINESS THROUGH OTHER THAN “SPECIFIED PERSONS” VIOLATING CLAUSE 3(II)(A) AND 3(II)(M) OF SCHEDULE 3 UNDER REGULATION 26 OF IRDAI (REGISTRATION OF CORPORATE AGENT) REGULATIONS, 2015
DID NOT HAVE PROFESSIONAL INDEMNITY POLICY WITH INDEMNITY CLAUSE AND GENERAL CONDITIONS NOT IN LINE WITH PRESCRIBED REGULATION VIOLATING CLAUSE 1(D) OF SCHEDULE II UNDER REGULATION 19(3) OF IRDAI (REGISTRATION OF CORPORATE AGENTS) REGULATIONS, 2015
HAVE PROFESSIONAL INDEMNITY POLICY WITH RETROACTIVE DATE VIOLATING CLAUSE 2(A) OF SCHEDULE II UNDER REGULATION 19 OF IRDAI (REGISTRATION OF CORPORATE AGENTS) REGULATIONS, 2015
COMPELLED BUYER OF THE OTHER PRODUCT TO NECESSARILY BUY INSURANCE PRODUCT VIOLATING PARA 16 OF IRDA CIRCULAR NO.017/IRDA/CIRCULAR/CA GUIDELINES/2005 DATED 14/07/2005 (GUIDELINES ON LICENSING OF CORPORATE AGENTS), 2005 READ WITH CLAUSE 3(II)(A) OF CODE OF CONDUCT UNDER REGULATION 26 OF IRDAI (REGISTRATION OF CORPORATE AGENTS) REGULATIONS, 2015
|
IMPOSED PENALTY RS.27,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
20-DEC-2021
|
|
| 2 |
|
|
BAJAJ FINANCE LTD.
|
|
|
DID NOT HAVE REQUIRED SYSTEM IN PLACE TO RECOGNIZE COMMISSION/REMUNERATION RECEIVED FROM INSURERS IN BOOKS OF ACCOUNT
SERIOUS GAPS IN PAYMENTS RECEIVED FROM BAJAJ ALLIANZ GENERAL INSURANCE CO.LTD. BY CORPORATE AGENT AND PAYMENTS RECEIVED BY CORPORATE AGENT
AGREEMENTS ENTERED WITH TELE-MARKETERS DID NOT INCORPORATE MAINTENANCE/PRESERVING OF RECORDINGS OF ALL CALLS, RECORDS OF AUTHORIZED VERIFIERS INCLUDING THEIR TRAINING & ASSESSMENT PARTICULARS AND AVAILABILITY OF RECORDS FOR INSPECTION BY IRDAI
DID NOT MAINTAIN COPIES OF PROPOSAL AND APPLICATION FORMS DULY SIGNED BY CLIENT AND SUBMITTED TO INSURER AND CERTIFICATES OF INSURANCES WITH IT
|
IMPOSED PENALTY RS.2,00,00,000
DIRECTED TO TAKE NECESSARY REMEDIAL ACTION AND FILE CERTIFICATE REGARDING ACCURACY OF ACCOUNTING SYSTEMS IN COMPLYING WITH REGULATORY PRESCRIPTIONS
15-JUL-2024
|
|
| 3 |
|
|
BILLIONBRAINS GARAGE VENTURES PVT.LTD.
|
|
|
DELAY IN INFORMING MATERIAL INFORMATION OF MERGER & AMALGAMATION SCHEME TO IRDAI VIOLATING REGULATION 22(1) OF IRDAI (REGISTRATION OF CORPORATE AGENT) REGULATIONS, 2015
|
IMPOSED PENALTY RS.5,00,000
14-JUN-2024
|
|
| 4 |
|
|
CORPORATION BANK
|
|
|
DID NOT MAINTAIN RECORDS CAPTURING THE DETAILS OF SPECIFIED PERSONS ALONG WITH RESPECTIVE INSURANCE POLICIES
DID NOT CAPTURE THE IDENTITY (NAME, CODE AND/OR SIGNATURE) OF SPECIFIED PERSONS WHO HAD PROCURED THAT POLICY
PROCURED BUSINESS WITHOUT VALID CERTIFICATE, USING UNTRAINED PERSONS FOR SOLICITATION ETC.
CHARGED AND DEBITED AMOUNT AS BANK CHARGES FROM THE ACCOUNTS OF POLICYHOLDERS AT A SPECIFIC RATE VARYING BY SUM ASSURED
DELAY IN DEPOSITING INSURANCE PREMIUM WITH INSURER
|
IMPOSED PENALTY RS.46,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
06-AUG-2021
|
|
| 5 |
|
|
FLIPKART INTERNET PVT.LTD.
|
|
|
DID NOT HAVE ADEQUATE NUMBER OF SPECIFIED PERSONS TO ENSURE BOTH EFFECTIVE SOLICITATION AND PROPER SERVICING OF POLICYHOLDERS VIOLATING REGULATION 14(V) AND CLAUSE 3 OF SCHEDULE III READ WITH REGULATION 26 OF IRDAI (REGISTRATION OF CORPORATE AGENTS) REGULATIONS, 2015
SOLICITED AND PROCURED RETAIL INSURANCE BUSINESS AFTER EXPIRY OF CERTIFICATE OF REGISTRATION VIOLATING CLAUSE 3(II)(A) OF SCHEDULE III READ WITH REGULATION 26 OF IRDAI (REGISTRATION OF CORPORATE AGENTS) REGULATIONS, 2015
MISUSED INSURANCE SELF NETWORK PLATFORM CERTIFIED PLATFORM BY INTEGRATING IT WITH INSURANCE INTERMEDIARY’S WEBSITE INSTEAD OF DIRECTLY WITH INSURERS VIOLATING CLAUSE 15.1(B) OF (INSURANCE E-COMMERCE) GUIDELINES, 2017
|
IMPOSED PENALTY RS.1,06,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
07-APR-2025
|
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
