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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

25-NOV-2025

RELIANCE NIPPON LIFE INSURANCE CO.LTD.

IRDAI

QUANTUM OF REMUNERATION PAID TO JOINT STATUTORY AUDITOR NOT RECOMMENDED OR APPROVED BY AUDIT COMMITTEE AND/OR BOARD

POLICYHOLDERS PROTECTION COMMITTEE (PPC) DID NOT DISCUSS/REVIEW REPUDIATED CLAIMS WITH THE REASONS FOR REPUDIATION

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

25-NOV-2025

07-NOV-2025

UNIVERSAL SOMPO GENERAL INSURANCE CO.LTD.

IRDAI

CLOSED CLAIMS IN THE BOOK OF INSURER WITHOUT A FINAL DECISION VIOLATING REGULATION 27(V) OF IRDAI (HEALTH INSURANCE) REGULATIONS, 2016

DELAY IN MAKING REFUND OF PROPOSAL DEPOSIT VIOLATING REGULATIONS 8(6) AND 8(7) OF THE IRDAI (PROTECTION OF POLICYHOLDERS INTEREST) REGULATIONS, 2017

DELAY IN SETTLEMENT OF MOTOR CLAIM VIOLATING REGULATION 15(8) OF IRDAI (PROTECTION OF POLICYHOLDERS� INTEREST) REGULATIONS, 2017

DID NOT PAY PENAL INTEREST FOR DELAY IN SETTLEMENT OF CLAIMS VIOLATING REGULATION 15(10) OF IRDAI (PROTECTION OF POLICYHOLDERS� INTEREST) REGULATIONS, 2017

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

07-NOV-2025

28-OCT-2025

LIBERTY GENERAL INSURANCE CO.LTD.

(New Name : LIBERTY GENERAL INSURANCE LTD.)

IRDAI

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

17-OCT-2025

RELIANCE NIPPON LIFE INSURANCE CO.LTD.

IRDAI

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 180DAYS FROM THE DATE OF ORDER

17-OCT-2025

13-OCT-2025

STERLITE INSURANCE SURVEYOR & LOSS ASSESSOR PVT.LTD.

IRDAI

SURRENDERED CORPORATE SURVEYORS AND LOSS ASSESSORS LICENSE

CANCELLED CERTIFICATE OF REGISTRATION AS INSURANCE SURVEYOR AND LOSS ASSESSOR

13-OCT-2025

22-SEP-2025

SHRIRAM LIFE INSURANCE CO.LTD.

IRDAI

DID NOT RE-DISPATCH DOCUMENTS EVEN AFTER COMPLAINT FILED BY THE CUSTOMER/S

DID NOT PUT IN PLACE ADEQUATE PROCESSES AND SYSTEMS TO ENSURE REGULATORY COMPLIANCE AROUND FREE LOOK CANCELLATION FACILITY AND ALL OTHER BUILDING BLOCKS LIKE DISPATCH OF POLICY BONDS, GRIEVANCES RELATING TO NON-RECEIPT OF POLICY BONDS ETC.

DID NOT INSTITUTE SYSTEMS AND PROCESSES TO DETECT INTENDED FRAUDS AND MISREPRESENTATION BY LIFE ASSURED/ POLICYHOLDERS

DID NOT CARRY OUT DUE DILIGENCE BY OBTAINING STANDARDIZED AND VERIFIABLE PROOF OF ACTUAL ANNUAL INCOME OF POLICYHOLDER�S

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

22-SEP-2025

14-AUG-2025

ACKO GENERAL INSURANCE LTD.

IRDAI

ISSUED CERTIFICATES OF INSURANCE WITHOUT RECEIPT OF INSURANCE PREMIUM FROM POLICYHOLDERS VIOLATING SECTION 64 VB(1) OF INSURANCE ACT,1938

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

14-AUG-2025

04-AUG-2025

POLICYBAZAAR INSURANCE WEB AGGREGATOR PVT.LTD.

(New Name : POLICYBAZAAR INSURANCE BROKERS PVT LTD.)

IRDAI

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

25-JUL-2025

STAR HEALTH & ALLIED INSURANCE CO.LTD.

IRDAI

DID NOT ADHERE TO IRDAI INFORMATION & CYBER SECURITY GUIDELINES, 2023

IMPOSED PENALTY RS.3,39,00,000

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

25-JUL-2025

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

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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