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Co-Sponsors

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: VIOLATED IRDA (INSURANCE BROKERS) REGULATIONS, 2018

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person RELIANCE GENERAL INSURANCE CO.LTD.  
  DID NOT ADEQUATELY DEMONSTRATE AND PROVIDE EVIDENCE REGARDING AUTHENTICITY AND LEGITIMACY OF PAYMENTS MADE TO GLITTERBUG TECHNOLOGIES PVT.LTD

MADE EXTRA PAY-OUTS TO COVERFOX INSURANCE BROKING PVT.LTD. BY ENTERING INTO AGREEMENT WITH ITS PARENT ENTITY GLITTERBUG TECHNOLOGIES PVT.LTD

DID NOT OBTAIN SPECIFIC APPROVAL FROM OUTSOURCING COMMITTEE FOR ACTIVITIES OUTSOURCED TO RELATED PARTY

ENGAGED SUVIDHAA INFOSERVE FOR INSURANCE RELATED ACTIVITIES WITHOUT OBTAINING INSURANCE LICENSE FROM IRDAI

PAID MORE THAN FIFTY PERCENT OF THEIR TOTAL REVENUE FROM SOURCES OTHER THAN INSURANCE COMMISSION VIOLATING REGULATION 6(C) OF IRDAI (PAYMENT OF COMMISSION OR REMUNERATION OR REWARD TO INSURANCE AGENTS & INSURANCE INTERMEDIARIES) REGULATIONS, 2016   		IMPOSED PENALTY RS.1,00,00,000

26-DEC-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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