| S.No. |
ENTITY |
PERSONS |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
| 1 |
|
ACKO GENERAL INSURANCE LTD.
|
|
|
MADE PAYMENTS TO OLA FINANCIAL SERVICES PVT.LTD. IN LIEU OF COMMISSION/REMUNERATION AND REWARDS, TRIED TO SOLICIT INSURANCE POLICIES VIOLATING SECTION 40(1) OF INSURANCE ACT, 1938
INSURER AND HOLDING COMPANY ENTERED INTO AGREEMENT FOR ADVERTISEMENT WITH CORPORATE AGENT FOR API AND MARKETING ACTIVITIES AND PAID MORE THAN THE PRESCRIBED LIMIT VIOLATING REGULATION 6(C) OF IRDAI (PAYMENT OF COMMISSION OR REMUNERATION OR REWARD TO INSURANCE AGENTS & INSURANCE INTERMEDIARIES) REGULATIONS, 2016
OUTSOURCING PAYMENTS NOT REPORTED TO AUTHORITY UNDER “OUTSOURCING RETURNS” AS PER REGULATION 21 OF IRDAI (OUTSOURCING OF ACTIVITIES BY INDIAN INSURERS) REGULATIONS, 2017
DID NOT ESTABLISH THAT THEIR OUTSOURCING COMMITTEE DELIBERATED UPON COST BENEFIT ANALYSIS OF SUCH ARRANGEMENT VIOLATING REGULATION 15(D) OF IRDAI (OUTSOURCING OF ACTIVITIES BY INDIAN INSURERS) REGULATIONS, 2017
|
IMPOSED PENALTY RS.1,00,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
19-MAY-2025
|
|
| 2 |
|
|
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 |
|
|
HDFC LIFE INSURANCE CO.LTD.
|
|
|
DID NOT HAVE PROPER INTERNAL CONTROLS TO ENSURE THAT ADVANCE PREMIUMS ARE NOT COLLECTED BEYOND THREE MONTHS FOR POLICIES AS PRESCRIBED IN REGULATIONS
DID NOT TRANSFER AMOUNT TO UNCLAIMED FUND EVEN AFTER SIX MONTHS FROM DUE DATE AND CONSEQUENTLY UNCLAIMED FUND WAS NOT DISCLOSED ACCURATELY
DID NOT PROCESS PROPOSALS WITH SPEED AND EFFICIENCY AND DID NOT ADJUST/REFUND THE PREMIUM DEPOSIT WITHIN STIPULATED TIME
DID NOT TRANSFER UNALLOCATED PREMIUM BEYOND SIX MONTHS TO UNCLAIMED AMOUNT
DELAY IN PAYMENT OF MATURITY CLAIMS
DID NOT HAVE ROBUST SYSTEMS IN PLACE TO PROCESS MATURITY CLAIMS AND SURVIVAL BENEFIT
DID NOT REVIEW AND ENSURE THAT THE INTERNAL SYSTEMS AND CONTROLS ARE EFFICIENT ENOUGH TO MANAGE OPERATIONAL ISSUES RELATED TO AGENTS VIZ THEIR APPOINTMENT, RENEWAL AND TERMINATION ETC.
DID NOT TAKE PRIOR APPROVAL OF COMMON DIRECTORSHIP FROM THE AUTHORITY EVEN THOUGH RE-APPOINTMENT
OUTSOURCING PAYMENTS NOT REPORTED TO AUTHORITY UNDER “OUTSOURCING RETURNS” AS PER REGULATION 21 OF IRDAI (OUTSOURCING OF ACTIVITIES BY INDIAN INSURERS) REGULATIONS, 2017
UTILIZED SERVICES OF INSURANCE BROKERS AS A REGULAR TELE-MARKETER OR OUTSOURCING SERVICE PROVIDE AND NOT LIMITING SERVICES AS SPECIFIED IN REGULATIONS
MADE PAYMENTS OTHER THAN COMMISSION/REMUNERATION TO VARIOUS CORPORATE AGENTS
MADE PAYMENTS FOR DISPLAYING BANNERS ON THEIR WEBSITES WITHOUT VENDOR DUE DILIGENCE DOCUMENTS ETC.
MADE EXCESS PAY-OUTS TO INSURANCE BROKER PROPORTIONATE TO BUSINESS PLACE
|
IMPOSED PENALTY RS.2,00,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
DIRECTED TO SUBMIT ACTION TAKEN REPORT
01-AUG-2024
|
|
| 4 |
|
|
LIBERTY GENERAL INSURANCE CO.LTD.
|
|
|
DID NOT MAINTAIN SIGNED COPY OF MINUTES OF OUTSOURCING COMMITTEE AND DID NOT PROVIDE DOCUMENTS REGARDING ANNUAL PERFORMANCE EVALUATION AND PERIODICITY OF INSPECTION OF OUTSOURCING SERVICE PROVIDERS
DID NOT PROVIDE NECESSARY DETAILS REGARDING SUBSTANTIAL AMOUNT PAID TO MAHINDRA INSURANCE BROKERS LTD.
DID NOT ENSURE STRICT ADHERENCE TO DEFINITIONS AND CLASSIFICATIONS AS PRESCRIBED UNDER IRDAI REGULATIONS WITHOUT ANY EXCEPTION
PAID REWARDS TO CORPORATE AGENTS IN THE NAME OF OUTSOURCING INSTEAD OF COMMISSION/REMUNERATION AND REWARDS ACCOUNT
|
IMPOSED PENALTY RS.1,00,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
28-OCT-2025
|
|
| 5 |
|
|
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
|
|
| 6 |
|
|
ROYAL SUNDARAM GENERAL INSURANCE CO.LTD.
|
|
|
CLOSED CLAIMS DUE TO INSUFFICIENT DOCUMENTATION INDICATED A LACK OF DUE DILIGENCE OR THOROUGHNESS IN THE INITIAL CLAIMS REVIEW PROCESS
DID NOT SUBMIT EXPLANATION/ INFORMATION SOUGHT BY THE INSPECTION TEAM DURING THE INSPECTION PERIOD
|
IMPOSED PENALTY RS.1,00,00,000
CENSURED/WARNED & DIRECTED/ADVISED TO BE DILIGENT IN COMPLYING WITH ALL THE ACTS, REGULATIONS ETC.
23-JAN-2025
|
|
| The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column. |
