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Regulatory actions in Chronological Order

REGULATORY ACTIONS IN CHRONOLOGICAL ORDER

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.

ENTITY

S.
No.

DATE OF ORDER

ENTITY

PERSON

COMPETENT AUTHORITY

REGULATORY CHARGES

REGULATORY ACTION(S) / DATE OF ORDER

FURTHER DEVELOPMENTS

23-JUN-2025

EDELWEISS LIFE INSURANCE CO.LTD.

(Old Name : EDELWEISS TOKIO LIFE INSURANCE CO.LTD.)

IRDAI

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

19-MAY-2025

ACKO GENERAL INSURANCE LTD.

IRDAI

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

09-APR-2025

HERITAGE HEALTH INSURANCE TPA PVT.LTD.

IRDAI

DID NOT FORWARD QUERY LETTER TO POLICYHOLDER BEFORE CLOSING THE CLAIM VIOLATING REGULATION 3(1) (A) OF IRDAI (TPA-HEALTH SERVICES) REGULATIONS, 2016

INTIMATED THAT THE CLAIMS ARE CLOSED INSTEAD OF REPUDIATED DUE TO NON�SUBMISSION OF DOCUMENTS VIOLATING REGULATION 27(V) OF IRDAI (HEALTH INSURANCE) REGULATIONS, 2016

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

09-APR-2025

07-APR-2025

FLIPKART INTERNET PVT.LTD.

IRDAI

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

19-FEB-2025

UIB INSURANCE BROKERS (INDIA) PVT.LTD.

IRDAI

SIGNIFICANT DELAY IN REMITTANCE TO CEDANTS / REINSURERS / REINSURANCE BROKERS VIOLATING SCHEDULE II-FORM U (F) OF IRDAI (INSURANCE BROKERS) REGULATIONS, 2018

IMPOSED PENALTY RS.1,00,00,000

DIRECTED TO UNDERTAKE A REVIEW OF ALL PENDING REMITTANCES AND FILE ACTION TAKEN REPORT INCLUDING STATUS OF PENDING REMITTANCES

DIRECTED TO REVIEW INTERNAL CONTROLS AND IDENTIFY DEFICIENCIES IN PROCESSES AND DRAW ACTION PLAN TO ENSURE THAT ISSUES ARE ADDRESSED AND CORRECTIVE ACTIONS ARE IMPLEMENTED TO BRING AVERAGE DELAY WITH MANDATED TURNAROUND TIMES

19-FEB-2025

23-JAN-2025

ROYAL SUNDARAM GENERAL INSURANCE CO.LTD.

IRDAI

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

14-OCT-2024

MARSH INDIA INSURANCE BROKERS PVT.LTD.

IRDAI

DELAY IN REMITTANCE OF PREMIUM TO THE INSURER/ REINSURER VIOLATING CLAUSE (F) OF SCHEDULE II-FORM U UNDER REGULATION 33(2) OF IRDAI (INSURANCE BROKERS) REGULATIONS, 2018

06-SEP-2024

SBI LIFE INSURANCE CO.LTD.

IRDAI

SUBMITTED CERTIFICATE SIGNED BY CEO AND CFO THAT ALL CLAIMS BEYOND THREE YEARS FROM DOC/DOR HAVE BEEN PAID ALONG WITH PENAL INTEREST

DID NOT ENSURE SUITABLE INFRASTRUCTURE REQUIREMENTS BEFORE LAUNCH OF NEW PRODUCTS AND AFTER WITHDRAWAL OF EXISTING PRODUCT

OUTSOURCED ACTIVITIES FROM MIC INSURANCE WEB AGGREGATORS PVT.LTD. AND EASYPOLICY INSURANCE WEB AGGREGATORS PVT.LTD. WHICH WERE NOT SOLICITED THROUGH THEM

IMPOSED PENALTY RS.1,00,00,000

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

DIRECTED TO SUBMIT ACTION TAKEN REPORT

06-SEP-2024

01-AUG-2024

HDFC LIFE INSURANCE CO.LTD.

IRDAI

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

23-JUL-2024

CARE HEALTH INSURANCE LTD.

(Old Name : RELIGARE HEALTH INSURANCE CO.LTD.)

IRDAI

GRANTED EMPLOYEE STOCK OPTIONS (ESOP) TO NON-EXECUTIVE DIRECTOR DESPITE REJECTED BY IRDAI

IMPOSED PENALTY RS.1,00,00,000

DIRECTED TO CANCEL AND REVOKE STOCK OPTIONS

DIRECTED TO SECURE PROPER MANAGEMENT FROM DATE OF ORDER

23-JUL-2024

15-JUL-2024

BAJAJ FINANCE LTD.

IRDAI

DID NOT HAVE REQUIRED SYSTEM IN PLACE TO RECOGNIZE COMMISSION/REMUNERATION RECEIVED FROM INSURERS IN BOOKS OF ACCOUNT

DID NOT MAINTAIN COPIES OF PROPOSAL AND APPLICATION FORMS DULY SIGNED BY CLIENT AND SUBMITTED TO INSURER AND CERTIFICATES OF INSURANCES WITH IT

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

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

15-JUL-2024

BANDHAN LIFE INSURANCE LTD.

(Old Name : AEGON LIFE INSURANCE CO.LTD.)

IRDAI

DID NOT SUBMIT DOCUMENTARY EVIDENCE IN SUPPORT OF HAVING REQUIRED SYSTEMS IN PLACE AND FILING OF SUSPICIOUS TRANSACTIONS REPORTS (STRS) WITHIN SPECIFIED TIME

DID NOT PROVIDE DETAILS OF INSURANCE OMBUDSMAN OF COMPETENT JURISDICTION

STANDARDIZED SCRIPTS DID NOT APPROVE BY COMPLIANCE OFFICER AND DID NOT CONTAIN MANDATORY DISCLOSURE

IMPOSED PENALTY RS.1,00,00,000

DIRECTED TO TAKE IMMEDIATE STEPS TO ADDRESS ISSUE POINTED OUT IN AUDIT AND ADHERE TO AML/CFT GUIDELINES ISSUED BY IRDAI IN LETTER AND SPIRIT

DIRECTED TO FILE CERTIFICATE SIGNED BY MD/CEO AND CCO CONFIRMING DUE ADHERENCE OF AML PROCESSES

DIRECTED TO TAKE NECESSARY CORRECTIVE ACTION AND FILE CERTIFICATE SIGNED BY MD/CEO AND CCO CONFIRMING DUE ADHERENCE OF REGULATIONS AND GUIDELINES ON PROTECTION OF POLICYHOLDERS, SYSTEMS AND PROCESSES TO THE EXTANT INSTRUCTIONS

DIRECTED TO FILE CERTIFICATE SIGNED BY MD/CEO AND CCO CONFIRMING DUE ADHERENCE OF STANDARDIZED SCRIPTS AND RELATED DISCLOSURES TO THE EXTANT INSTRUCTIONS/GUIDELINES ISSUED BY IRDAI

15-JUL-2024

12-JUL-2024

PROWESS INSURANCE BROKERS PVT.LTD.

IRDAI

ENGAGED IN BUSINESS TRANSACTIONS AFTER EXPIRY OF ITS REGISTRATION

IMPOSED PENALTY RS.37,00,000

12-JUL-2024

04-JUL-2024

ANMOL MEDICARE INSURANCE TPA LTD.

IRDAI

DID NOT ADHERE TO MINIMUM BUSINESS REQUIREMENTS VIOLATING REGULATION 14 OF IRDAI (TPA-HEALTH SERVICES) REGULATIONS, 2016

ADVISED TO REMOVE WORD TPA FROM NAME OF THE COMPANY

DIRECTED ALL INSURER HAVING TPA AGREEMENT WITH ANMOL TPA TO IMMEDIATELY TAKE SUCH ALTERNATIVE STEPS INCLUDING APPOINTMENT OF ANOTHER TPA

DIRECTED TO SUBMIT DATA COLLECTION AND BOOKS, RECORDS OR DOCUMENTS ETC. RELATING TO TPA BUSINESS

DIRECTED TO CO-OPERATE WITH INSURANCE COMPANIES IN MAKING SUITABLE ALTERNATE ARRANGEMENTS TO SERVICE POLICY HOLDERS IN RESPECT OF WHOM POLICIES ARE IN FORCE

DIRECTED TO RECONCILE AND CLOSE THE ACCOUNTS WITH CONCERNED INSURANCE COMPANIES AND NETWORK PROVIDERS

REJECTED APPLICATION FILED FOR RENEWAL OF LICENCE (TPA)

04-JUL-2024

14-JUN-2024

BILLIONBRAINS GARAGE VENTURES PVT.LTD.

IRDAI

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

22-MAY-2024

FUTURE GENERALI INDIA LIFE INSURANCE CO.LTD.

IRDAI

ACCEPTED RENEWAL PREMIUM IN CASH BEYOND RS.50,000.00 WITHOUT OBTAINING PAN/FORM60/61

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

22-MAY-2024

02-MAY-2024

GO DIGIT GENERAL INSURANCE LTD.

IRDAI

DELAY IN SUBMISSION OF JOINT VENTURE AMENDMENT AGREEMENT TO IRDAI

IMPOSED PENALTY RS.1,00,00,000

02-MAY-2024

04-APR-2024

EDELWEISS TOKIO LIFE INSURANCE CO.LTD.

IRDAI

DID NOT SUBMIT DETAILS OF EXPIRY OF THE JOINT VENTURE AGREEMENT DATED 28/11/2009 ENTERED BETWEEN EDELWEISS FINANCIAL SERVICES LTD. AND TOKIO MARINE & NICHIDO FIRE INSURANCE CO.LTD.

DID NOT TAKE PRIOR APPROVAL FROM IRDA FOR CHANGE IN SHAREHOLDING PATTERN

IMPOSED PENALTY RS.20,00,000

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

04-APR-2024

23-FEB-2024

DEALMONEY INSURANCE BROKING PVT.LTD.

IRDAI

DID NOT MAKE DISCLOSURE OF INFORMATION REGARDING APPOINTMENT AND REMOVAL OF MR.ABHIJIT DEY AS A DIRECTOR

DID NOT DISCLOSE THAT PRINCIPAL OFFICER MR.VIKRAM RATHOD WAS ENGAGED IN FRAUDULENT PRACTICES AND FIR LODGED AGAINST HIM

REJECTED APPLICATION FILED TO GRANT CERTIFICATION OF REGISTRATION AS INSURANCE BROKER

23-FEB-2024

22-FEB-2024

CONFIANCE INTERNATIONAL REINSURANCE BROKERS L.L.C.

IRDAI

DID NOT PROVIDE INSURER A TRUE AND COMPLETE COPY OF REINSURANCE PLACEMENT SLIP TO BE USED BEFORE ENTERING MARKET

DID NOT CONFIRM COVER TO INSURER AFTER EFFECTING RE-INSURANCE AND DID NOT SUBMIT RELEVANT REINSURANCE ACCEPTANCE AND PLACEMENT SLIPS

DID NOT FURNISH INSURER/REINSURER TRUE COPY OF PLACEMENT SLIP SIGNED BY THE LEAD REINSURER QUOTING TERMS, INDICATING THEREON, SIGNED LINE OF REINSURER

DID NOT ACT WITH DUE CARE AND DILIGENCE

DID NOT ENSURE PROMPT REMITTANCE OF FUNDS

ACTED WITH MALAFIDE INTENTIONS AND BETRAYED TRUST OF INSURANCE MARKET

PROHIBITED FROM INSURANCE MARKET DIRECTLY OR INDIRECTLY IN WHATSOEVER MANNER FROM 22-FEB-2024 TO 21-FEB-2026

DIRECTED INDIAN INSURERS AND REINSURERS AND ITS OFFICES OVERSEAS, FOREIGN REINSURANCE BRANCHES IN INDIA AND INDIAN INSURANCE INTERMEDIARIES NOT TO ENGAGE INTO ANY BUSINESS ACTIVITY WITH CONFIANCE, DIRECTLY OR INDIRECTLY IN WHATSOEVER MANNER FROM 22-FEB-2024 TO 21-FEB-2026

22-FEB-2024

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

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REGULATORY ACTIONS IN CHRONOLOGICAL ORDER

ENTITY

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