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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

04-APR-2024

EDELWEISS TOKIO LIFE INSURANCE CO.LTD.

IRDA

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

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.

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.

IRDA

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.

IRDA

DID NOT ACT WITH DUE CARE AND DILIGENCE

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

DID NOT ENSURE PROMPT REMITTANCE OF FUNDS

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

ACTED WITH MALAFIDE INTENTIONS AND BETRAYED TRUST OF INSURANCE MARKET

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

PROHIBITED FROM INSURANCE MARKET DIRECTLY OR INDIRECTLY IN WHATSOEVER MANNER

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

22-FEB-2024

22-FEB-2024

DEALMONEY SECURITIES PVT.LTD.

(Old Name : DESTIMONEY SECURITIES PVT.LTD.)

IRDA

DID NOT INTIMATE IRDAI REGARDING FRAUD BEING PERPETRATED IN THE OFFICE OF CORPORATE AGENT

DID NOT INTIMATE IRDAI REGARDING FIR FILED AGAINST ITS OWN DIRECTOR

DID NOT INTIMATE IRDAI REGARDING RESIGNATION OF ITS CHIEF EXECUTIVE OFFICER AND DIRECTOR

ENGAGED SERVICES OF SEVERAL FACILITATORS FOR INSURANCE BUSINESS

PROHIBITED FROM INSURANCE MARKET, APPLYING FOR REGISTRATION AS INSURANCE INTERMEDIARY AND FROM SOLICITING INSURANCE UNDER GROUP INSURANCE GUIDELINES, DIRECTLY OR INDIRECTLY IN WHATSOEVER MANNER

DIRECTED TO IDENTIFY VICTIMS OF FRAUDS AND ENSURE THAT THEY ARE COMPENSATED FOR LOSS

DIRECTED TO SUBMIT ACTION TAKEN REPORT

IMPOSED PENALTY RS.2,00,00,000

22-FEB-2024

09-JAN-2024

ANMOL MEDICARE TPA LTD.

IRDA

GRANTED LOAN TO INDIVIDUALS OTHER THAN THE EMPLOYEES

IMPOSED PENALTY RS.1,00,000

09-JAN-2024

03-JAN-2024

RELIANCE GENERAL INSURANCE CO.LTD.

IRDA

DID NOT SOLICIT INSURANCE POLICIES HAVING SUM INSURED EXCEEDING RS.5 CRORE PER RISK FOR ALL INSURANCES COMBINED

ENGAGED WITH ADVAITH MOTORS AND MADE PAYMENTS FOR OTHER PROFESSIONAL, TECHNICAL AND BUSINESS SERVICES

APPOINTED IN HOUSE EMPLOYEES TO ASSESS THE LOSS BEYOND RS.50,000.00 UNDER MOTOR INSURANCE WHO DID NOT POSSESS THE LICENSE ISSUED BY IRDAI FOR SURVEYOR

IMPOSED PENALTY RS.2,00,00,000

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

03-JAN-2024

10-NOV-2023

CENTCART INSURANCE BROKING SERVICES PVT.LTD.

IRDA

DID NOT FILE THE CERTIFICATES DULY CERTIFIED BY AUDITOR

DID NOT SUBMIT PERIODICAL RETURNS AS PER FORMATS/RETURNS PRESCRIBED UNDER IRDAI BUSINESS ANALYTICAL PROJECT

SUBMITTED FALSE OR WRONG CERTIFICATION OR CONCEALMENT OF FACTS IN THE CERTIFICATES TO IRDAI

IMPOSED PENALTY RS.3,00,000

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

10-NOV-2023

13-OCT-2022

AXIS BANK LTD.

IRDA

MADE UNDUE PROFITS/GAINS FROM PURCHASE AND SALE OF EQUITY SHARES OF MAX LIFE INSURANCE CO.LTD.

DID NOT ADHERE TO DIRECTIONS ISSUED BY IRDAI ON TRANSACTION OF ACQUISITION OF SHARES OF MAX LIFE INSURANCE CO.LTD.

IMPOSED PENALTY RS.2,00,00,000

13-OCT-2022

13-OCT-2022

MAX LIFE INSURANCE CO.LTD.

IRDA

MISUSED DUAL RELATIONSHIP OF BANK AS A SHAREHOLDER AND CORPORATE AGENT

DID NOT OBTAIN PRIOR APPROVAL FOR TRANSFER OF SHARES TO AXIS BANK LTD. AND ITS GROUP COMPANIES

UNDERTOOK AND FACILITATED TRANSACTIONS OF TRANSFER OF SHARES BETWEEN PARTIES

IMPOSED PENALTY RS.3,00,00,000

13-OCT-2022

27-SEP-2022

ROTHSHIELD INSURANCE TPA LTD.

IRDA

DID NOT ADHERE TO MINIMUM BUSINESS REQUIREMENTS VIOLATING REGULATIONS 14 AND 15 OF IRDAI (TPA-HEALTH SERVICES) REGULATIONS, 2016

REJECTED APPLICATION FILED FOR RENEWAL OF LICENCE (TPA)

ADVISED TO REMOVE WORD TPA FROM NAME OF THE COMPANY

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

DIRECTED ALL THE INSURERS HAVING TPA AGREEMENT WITH ROTHSHIELD TPA TO IMMEDIATELY TAKE SUCH ALTERNATIVE STEPS INCLUDING APPOINTMENT OF ANOTHER TPA

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

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

27-SEP-2022

23-MAY-2022

DEINON RISK SERVICES PVT.LTD.

IRDA

ACTED AS INSURANCE BROKER WITHOUT REGISTRATION FROM IRDAI

IMPOSED PENALTY RS.10,00,000

23-MAY-2022

30-DEC-2021

GO DIGIT GENERAL INSURANCE LTD.

IRDA

CARRIED BUSINESS IN CLASS OF INSURANCE I.E. LIFE INSURANCE BUSINESS IN WHICH THE INSURER HAS NOT GRANTED CERTIFICATE OF REGISTRATION BY IRDAI

DIRECTED TO DISCONTINUE PRODUCT �DIGIT GROUP TOTAL PROTECT POLICY�

DIRECTED TO WITHDRAW ALL THE ADVERTISEMENTS REGARDING THE PRODUCT �DIGIT GROUP TOTAL PROTECT POLICY�FROM ALL MEDIA

DIRECTED TO FURNISH ACTION TAKEN REPORT WITHIN FIFTEEN DAYS FROM DATE OF THIS ORDER

DIRECTED TO PLACE THIS ORDER IN IMMEDIATE BOARD MEETING AND SEND CERTIFIED COPY OF MINUTES TO IRDAI

30-DEC-2021

20-DEC-2021

ANGEL FINANCIAL ADVISORS PVT.LTD.

IRDA

PROCURED BUSINESS THROUGH UNLICENSED ENTITIES

PROCURED BUSINESS THROUGH OTHER THAN �SPECIFIED PERSONS� VIOLATING CLAUSE 3(II)(A) AND 3(II)(M) OF SCHEDULE 3 UNDER REGULATION 26 OF IRDAI (REGISTRATION OF CORPORATE AGENT) REGULATIONS, 2015

DID NOT HAVE PROFESSIONAL INDEMNITY POLICY WITH INDEMNITY CLAUSE AND GENERAL CONDITIONS NOT IN LINE WITH PRESCRIBED REGULATION VIOLATING CLAUSE 1(D) OF SCHEDULE II UNDER REGULATION 19(3) OF IRDAI (REGISTRATION OF CORPORATE AGENTS) REGULATIONS, 2015

HAVE PROFESSIONAL INDEMNITY POLICY WITH RETROACTIVE DATE VIOLATING CLAUSE 2(A) OF SCHEDULE II UNDER REGULATION 19 OF IRDAI (REGISTRATION OF CORPORATE AGENTS) REGULATIONS, 2015

COMPELLED BUYER OF THE OTHER PRODUCT TO NECESSARILY BUY INSURANCE PRODUCT VIOLATING PARA 16 OF IRDA CIRCULAR NO.017/IRDA/CIRCULAR/CA GUIDELINES/2005 DATED 14/07/2005 (GUIDELINES ON LICENSING OF CORPORATE AGENTS), 2005 READ WITH CLAUSE 3(II)(A) OF CODE OF CONDUCT UNDER REGULATION 26 OF IRDAI (REGISTRATION OF CORPORATE AGENTS) REGULATIONS, 2015

IMPOSED PENALTY RS.27,00,000

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

20-DEC-2021

06-DEC-2021

POLICYX.COM INSURANCE WEB AGGREGATORS PVT.LTD.

IRDA

COMPLETED ISSUANCE OF POLICY AFTER THREE MONTHS OF LEAD GENERATION

SOURCED NON SINGLE YEARLY PREMIUM LIFE INSURANCE POLICY MORE THAN THE LIMIT OF RS.1.50 LAC

DID NOT SUBMIT DISCLOSURE TO IRDAI

POSTED PROMOTIONAL MATERIAL AND MAKING PUBLICITY ABOUT TWO INSURANCE COMPANIES ON ITS WEBSITE

DID NOT UPDATE LIST OF AUTHORIZED VERIFIERS ON DATA BASE OF INSURANCE INFORMATION BUREAU OF INDIA (IIB)

DID NOT MAINTAIN PROFESSIONAL INDEMNITY INSURANCE COVER AS PER IRDAI REGULATIONS

SOLICITED INSURANCE THROUGH TELE MARKETING AND DISTANCE MARKETING BY PERSONS OTHER AUTHORIZED VERIFIERS

IMPOSED PENALTY RS.14,00,000

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

06-DEC-2021

09-NOV-2021

5PAISA INSURANCE BROKERS LTD.

IRDA

MADE APPLICATION FOR CERTIFICATE OF REGISTRATION TO ACT AS DIRECT INSURANCE BROKER (LIFE & GENERAL) UNDER THE SAME GROUP VIOLATING REGULATION 37(1) OF IRDAI (INSURANCE BROKERS) REGULATION, 2018

REJECTED APPLICATION FILED TO GRANT CERTIFICATION OF REGISTRATION AS INSURANCE BROKER

09-NOV-2021

08-NOV-2021

APEX INSURANCE SURVEYORS & LOSS ASSESSORS PVT.LTD.

IRDA

DELAY IN SUBMISSION OF SURVEY REPORTS TO INSURERS VIOLATING REGULATION 13(2) OF CHAPTER IV OF IRDAI (INSURANCE SURVEYORS AND LOSS ASSESSORS) REGULATIONS, 2015 READ WITH REGULATION 15(5) OF IRDAI (PROTECTION OF POLICYHOLDERS INTERESTS) REGULATION, 2017

ENGAGED UNLICENSED INDIVIDUALS FOR SURVEY JOB VIOLATING REGULATION 4(15)(3) OF IRDAI (INSURANCE SURVEYORS AND LOSS ASSESSORS) REGULATIONS, 2015 READ WITH SECTION 64UM(1) OF INSURANCE ACT, 1938

IMPOSED PENALTY RS.2,00,000

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

08-NOV-2021

08-NOV-2021

INNOVATIVE INSURANCE SURVEYORS & LOSS ASSESSORS PVT.LTD.

IRDA

DID NOT MAINTAIN RECORDS PROPERLY AND ADEQUATELY VIOLATING REGULATION 16(9) OF IRDAI (INSURANCE SURVEYORS AND LOSS ASSESSORS) REGULATIONS, 2015

SURVEYS CONDUCTED BY OTHER THAN LICENSED PERSON VIOLATING CLAUSE 1 OF REGULATION 12 AND CLAUSES 15(1), 15(3) & 15(4) OF REGULATION 4 AND CLAUSE 5 & 7 OF REGULATION 16 OF IRDAI (INSURANCE SURVEYORS AND LOSS ASSESSORS) REGULATIONS, 2015

DID NOT SEEK EXTENSION FOR SUBMISSION OF SURVEY REPORT VIOLATING CLAUSES 2 AND 3 UNDER REGULATIONS 13 OF IRDAI (INSURANCE SURVEYORS AND LOSS ASSESSORS) REGULATION 2015

DID NOT INTIMATE IRDA ABOUT APPOINTMENT/RESIGNATION OF DIRECTORS VIOLATING CLAUSE 4(A) UNDER REGULATIONS 3 OF IRDAI (INSURANCE SURVEYORS AND LOSS ASSESSORS) REGULATION 2015

DID NOT SUBMIT REQUISITE DATA TO INSPECTION TEAM

IMPOSED PENALTY RS.2,00,000

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

08-NOV-2021

04-OCT-2021

SAFEWAY INSURANCE BROKERS PVT.LTD.

IRDA

DID NOT FURNISH REQUIRED INFORMATION/DOCUMENTS TO IRDA

DELAY IN SUBMISSION OF QUARTERLY AND HALF YEARLY RETURNS

DID NOT HAVE PROPER LEASE AGREEMENT FOR ITS FUNCTIONING VIOLATING CLAUSE 2(II) OF REGULATION 8 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013

UTILIZED SERVICES OF EMPLOYEES FOR SOLICITATION FROM ITS OFFICES AND BRANCHES, WHO HAVE NOT COMPLETED THEIR RENEWAL TRAINING VIOLATING CLAUSE 2(III) AND 2(XIV) OF REGULATION 8 READ WITH PROVISIONS OF SCHEDULE II UNDER REGULATION 8 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013

DID NOT UTILIZE SERVICES OF AGENTS AND CANVASSERS VIOLATING CLAUSE 3(B) OF SCHEDULE VI-A UNDER REGULATION 28 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013

PROFESSIONAL INDEMNITY POLICY WAS NOT IN LINE WITH THE REGULATORY REQUIREMENTS VIOLATING CLAUSE 2(A) OF SCHEDULE III READ WITH REGULATION 13 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013

DID NOT SUBMIT CERTIFICATE FROM STATUTORY AUDITORS VIOLATING CLAUSE 6 OF REGULATION 29 OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013

IMPOSED PENALTY RS.11,00,000

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

04-OCT-2021

04-OCT-2021

VISION DIGITAL INSURANCE TPA PVT.LTD.

IRDA

DID NOT ADHERE TO MINIMUM BUSINESS REQUIREMENTS VIOLATING REGULATIONS 14 AND 15 OF IRDAI (TPA-HEALTH SERVICES) REGULATIONS, 2016

REJECTED APPLICATION FILED FOR RENEWAL OF LICENCE (TPA)

ADVISED TO REMOVE WORD TPA FROM NAME OF THE COMPANY

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

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

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

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

04-OCT-2021

16-SEP-2021

K.D.KOHLI INSURANCE SURVEYORS & LOSS ASSESSORS PVT.LTD.

IRDA

PERFORMED SURVEY WORK IN AREAS FOR WHICH DID NOT HOLD THE LICENSE VIOLATING REGULATIONS 12(1) AND 16(5) OF IRDAI (INSURANCE SURVEYORS AND LOSS ASSESSORS) REGULATIONS, 2015

DELAY IN SUBMISSION OF SURVEY REPORT VIOLATING REGULATIONS 13(2) AND 13(3) OF IRDAI (INSURANCE SURVEYORS AND LOSS ASSESSORS) REGULATIONS, 2015

DID NOT SHARE SURVEY REPORTS WITH THE INSURED VIOLATING REGULATION 13(2) OF IRDAI (INSURANCE SURVEYORS AND LOSS ASSESSORS) REGULATIONS, 2015

SURVEYED WITHOUT VALID SURVEYOR LICENSE VIOLATING REGULATION 12(1) OF IRDAI (INSURANCE SURVEYORS AND LOSS ASSESSORS) REGULATIONS, 2015

IMPOSED PENALTY RS.11,00,000

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

16-SEP-2021

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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