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SOURCE OF INFORMATION : INSURANCE REGULATORY & DEVELOPMENT AUTHORITY OF INDIA WEBSITE
PERIOD COVERED : 16-AUG-2002 TO 10-JAN-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 COMPANY: DIRECTED TO PAY INTEREST @ BANK RATE PLUS 2% ON THE REFUNDED PREMIUM FROM DATE OF CANCELLATION OF POLICIES TO DATE OF REFUND OF PREMIUM

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person 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 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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