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 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 COMPANY: VIOLATED EARLIER IRDA CIRCULARS/ORDERS

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person AVIVA LIFE INSURANCE CO.INDIA LTD.  
  DID NOT ENSURE INFORMATION PROVIDED TO INVESTIGATING OFFICERS DURING INSPECTION PERIOD

ORGANIZED CONTESTS FOR REFERRAL PARTNERS AND ENTERTAINED BANK STAFF FOR PROMOTING BUSINESS OF COMPANY VIOLATING IRDA CIRCULAR DATED 14/02/2003   		ADVISED STRICTLY ADHERE TO PROVISIONS OF INSURANCE ACT, 1938

15-SEP-2009 		 
2
History of entity/person EDELWEISS LIFE INSURANCE CO.LTD.  
  DID NOT CAPTURE BANK ACCOUNT DETAILS OF POLICYHOLDERS AT PROPOSAL AT PROPOSAL STAGE VIOLATING CLAUSE 4B(I) AND 4B(II) OF CIRCULAR NO.IRDA/F&A/CIR/MISC/282/11/2020 DATED 17/11/2020

DID NOT ENSURE THAT TRANSACTION ENTERED WITH RELATED PARTIES ARE AT ARM’S LENGTH PRICE

DID NOT CLASSIFY AND DISCLOSE ACTIVITIES LIKE TRAINING AND ADVERTISING AS OUTSOURCING

DID NOT SUBMIT RESOLUTION PASSED BY BOARD WITH RESPECT TO RELATED PARTY TRANSACTIONS

DID NOT UNDERTAKE DUE DILIGENCE OF THE VENDORS AND DID NOT REVIEW IT ANNUALLY   		IMPOSED PENALTY RS.1,00,00,000

23-JUN-2025 		 
3
History of entity/person ING VYSYA LIFE INSURANCE CO.LTD.  
  CHARGED RIDER PREMIUM IN VIOLATION OF PROVISION OF REGULATION 3(1) OF IRDA (PROTECTION OF POLICYHOLDERS’ INTERESTS) REGULATIONS, 2002

DID NOT ADHERE TO FILE & USE DIRECTIVES/INSTRUCTIONS/GUIDELINES

INDULGED IN PROMOTIONAL COMPETITION AMONGST REFERRAL PARTNERS VIOLATING IRDA CIRCULAR DATED 14/02/3003   		ADVISED STRICTLY ADHERE TO PROVISIONS OF INSURANCE ACT, 1938

05-JAN-2010 		 
4
History of entity/person LIFE & GENERAL INSURANCE & REINSURANCE BROKERS PVT.LTD.  
  ACCEPTED APPOINTMENT BY ANOTHER BROKER WITHOUT PROPER MANDATE BY THE CLIENT

DID NOT MAKE DISCLOSURE OF COURT CASES IN RENEWAL APPLICATION

SOLICITED INSURANCE BUSINESS BEFORE THE DATE OF LICENSE

PROVIDED CLAIM CONSULTANCY BEYOND RS.1 CRORE VIOLATING CLAUSE 3(I) AND 3(III) OF IRDA CIRCULAR IRDA/BRK/CIR/GLD/270/12/2011 DATED 07/12/2011   		CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.

DIRECTED TO ABSTAIN FROM ACCEPTING APPOINTMENT BY ANOTHER BROKER WITHOUT PROPER MANDATE BY CLIENT

24-APR-2017 		 
5
History of entity/person POLICYBAZAAR INSURANCE WEB AGGREGATOR PVT.LTD.  
  DID NOT MAKE DISCLOSURE OF MATERIAL CHANGE IN COMPOSITION TO IRDA

PRINCIPAL OFFICER HELD DIRECTORSHIP IN OTHER COMPANIES IN ADDITION TO HAVING DIRECTORSHIP IN INSURANCE WEB AGGREGATOR

DID NOT OBTAIN PRIOR APPROVAL FROM IRDA BEFORE APPOINTMENT OF PRINCIPAL OFFICER OF INSURANCE WEB AGGREGATOR AS DIRECTOR IN OTHER COMPANIES

ADVERTISED FIVE INSURERS WHOSE ULIP PRODUCTS WERE DISPLAYED AS TOP RANKED VIOLATING CLAUSE C OF FORM Q UNDER SCHEDULE IV READ WITH REGULATION 26 AND CLAUSE B(II) OF FORM P OF SCHEDULE IV OF IRDAI (INSURANCE WEB AGGREGATOR) REGULATIONS, 2017

DID NOT PROVIDE CLEAR AND ADEQUATE EXPLANATION FOR SUBSTANTIAL PAYMENTS RECEIVED FROM INSURANCE COMPANIES

DID NOT PROVIDE NUMBER OF POLICIES SOLD WITHOUT TAGGING THE SAME WITH AUTHORIZED VERIFIER

DID NOT MAINTAIN CALL RECORDINGS AND ADEQUATE SOLICITATION RELATED DOCUMENTS

DID NOT CONDUCT PROPER DUE DILIGENCE ON THEIR EMPLOYEES

COLLECTED INSURANCE PREMIUM ON BEHALF OF INSURERS WITHOUT BEING AUTHORIZED BY THEM

USED ITS OWN PAYMENT GATEWAY AND NODAL ACCOUNT FOR TRANSMISSION OF INSURANCE PREMIUM TO INSURANCE COMPANIES WITHOUT PRIOR APPROVAL FROM IRDAI

DELAY IN REMITTANCE OF INSURANCE PREMIUM TO INSURERS

WRONGLY RECEIVED COMMISSION AS 17.5% INSTEAD OF 15%   		IMPOSED PENALTY RS.5,00,00,000

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

04-AUG-2025 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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 2004-2025
No part of this site may be reproduced without the explicit permission of the owners.

top