S.
DATE OF ORDER
ENTITY
PERSON
COMPETENT AUTHORITY
REGULATORY CHARGES
REGULATORY ACTION(S) / DATE OF ORDER
FURTHER DEVELOPMENTS
21
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
IMPOSED PENALTY RS.11,00,000
22
15-SEP-2021
MACK INSURANCE SURVEYORS & LOSS ASSESSORS PVT.LTD.
IRDA
DELAY IN SUBMISSION OF SURVEY REPORTS VIOLATING REGULATION 13(2) OF IRDAI (INSURANCE SURVEYORS AND LOSS ASSESSORS) REGULATIONS, 2015
IMPOSED PENALTY RS.13,00,000
23
14-SEP-2021
ALEX STEWART INSURANCE SURVEYORS & LOSS ASSESSORS PVT.LTD.
IRDA
PERFORMED SURVEY WORK IN AREAS FOR WHICH DID NOT HOLD THE LICENSE VIOLATING REGULATION 16(5) OF IRDAI (INSURANCE SURVEYORS AND LOSS ASSESSORS) REGULATIONS, 2015
IMPOSED PENALTY RS.1,00,000
24
14-SEP-2021
J.B.BODA INSURANCE SURVEYORS & LOSS ASSESSORS PVT.LTD.
IRDA
PERFORMED SURVEY WORK IN AREAS FOR WHICH DID NOT HOLD THE LICENSE VIOLATING REGULATION 16(5) OF IRDAI (INSURANCE SURVEYORS AND LOSS ASSESSORS) REGULATIONS, 2015
IMPOSED PENALTY RS.4,00,000
25
09-SEP-2021
TEAM INSURANCE SURVEYORS & LOSS ASSESSORS LLP
IRDA
UTILIZED UNLICENSED PERSONS TO CARRY OUT SURVEYS VIOLATING REGULATION 4(15)(4) OF IRDAI (INSURANCE SURVEYORS AND LOSS ASSESSORS) REGULATIONS, 2015
IMPOSED PENALTY RS.2,00,000
26
31-AUG-2021
SAFERISK INSURANCE BROKERS PVT.LTD.
IRDA
INVOLVED UNLICENSED ENTITIES/PERSONS IN SOLICITATION OF BUSINESS
IMPOSED PENALTY RS.3,00,000
27
06-AUG-2021
CORPORATION BANK
IRDA
DID NOT MAINTAIN RECORDS CAPTURING THE DETAILS OF SPECIFIED PERSONS ALONG WITH RESPECTIVE INSURANCE POLICIES
IMPOSED PENALTY RS.46,00,000
28
06-AUG-2021
UNION BANK OF INDIA
IRDA
PERMITTED VARIOUS UNLICENSED INDIVIDUALS TO SOLICIT AND PROCURE BUSINESS
IMPOSED PENALTY RS.46,00,000
29
30-JUN-2021
ALANKIT INSURANCE TPA LTD.
IRDA
DID NOT ADHERE TO MINIMUM BUSINESS REQUIREMENTS VIOLATING REGULATION 14 OF IRDAI (TPA-HEALTH SERVICES) REGULATIONS, 2016
REJECTED APPLICATION FILED FOR RENEWAL OF LICENCE (TPA)
30
29-JUN-2021
D2C INSURANCE BROKING PVT.LTD.
IRDA
PROCURED BUSINESS THROUGH UNLICENSED ENTITIES
IMPOSED PENALTY RS.1,00,00,000
31
23-JUN-2021
GRAND INSURANCE TPA PVT.LTD.
IRDA
DID NOT FILE APPLICATION TO RENEW CERTIFICATE OF REGISTRATION VIOLATING REGULATION 19 (9) OF IRDAI (TPA-HEALTH SERVICES) REGULATIONS, 2016
CERTIFICATE OF REGISTRATION REVOKED
32
16-JUN-2021
DEALMONEY INSURANCE BROKING PVT.LTD.
IRDA
DID NOT MAKE DISCLOSURE OF MATERIAL INFORMATION ON ITS OWN FORTHWITH VIOLATING REGULATION 7(5) OF IRDA (INSURANCE BROKERS) REGULATIONS, 2018
REJECTED APPLICATION FILED TO GRANT CERTIFICATION OF REGISTRATION AS INSURANCE BROKER
33
16-JUN-2021
SALASAR SERVICES INSURANCE BROKERS PVT.LTD.
IRDA
GAVE WRONG AND MISLEADING ADVICE TO LODGE CLAIMS VIOLATING CLAUSE 2 OF CODE OF CONDUCT IN SCHEDULE 1 – FORM H OF IRDA (INSURANCE BROKERS) REGULATIONS, 2018
IMPOSED PENALTY RS.8,00,000
34
09-JUN-2021
INTEROCEAN INSURANCE SUVEYORS & LOSS ASSESSORS PVT.LTD
IRDA
PERFORMED SURVEY WORK IN AREAS FOR WHICH DID NOT HOLD THE LICENSE VIOLATING REGULATION 16(5) OF IRDAI (INSURANCE SURVEYORS AND LOSS ASSESSORS) REGULATIONS, 2015
IMPOSED PENALTY RS.8,00,000
35
25-MAY-2021
VISISTA INSURANCE BROKING SERVICES PVT.LTD.
IRDA
DID NOT INTEMATE IRDA ABOUT OPENING OF NEW OFFICE VIOLATING REGULATION 38(4)(I) OF IRDA (INSURANCE BROKERS) REGULATIONS, 2013
IMPOSED PENALTY RS.1,00,000
36
18-MAY-2021
POLICYBAZAAR INSURANCE WEB AGGREGATOR PVT.LTD.
IRDA
SENT MISLEADING INFORMATION OF PRICE INCREASE OF LIFE INSURANCE THROUGH SMS
IMPOSED PENALTY RS.24,00,000
37
05-MAY-2021
SBI GENERAL INSURANCE CO.LTD.
IRDA
DID NOT COMPLY WITH MINIMUM OBLIGATIONS UNDER MOTOR THIRD PARTY BUSINESS VIOLATING IRDAI (OBLIGATION OF INSURER IN RESPECT OF MOTOR THIRD PARTY INSURANCE BUSINESS) REGULATIONS, 2015
IMPOSED PENALTY RS.30,00,000
38
05-MAY-2021
UNIVERSAL SOMPO GENERAL INSURANCE CO.LTD.
IRDA
DID NOT COMPLY WITH MINIMUM OBLIGATIONS UNDER MOTOR THIRD PARTY BUSINESS VIOLATING IRDAI (OBLIGATION OF INSURER IN RESPECT OF MOTOR THIRD PARTY INSURANCE BUSINESS) REGULATIONS, 2015
IMPOSED PENALTY RS.25,00,000
39
04-MAY-2021
SHRIRAM GENERAL INSURANCE CO.LTD.
IRDA
DID NOT ADHERE TO BOARD APPROVED UNDERWRITING GUIDELINES AND DID NOT FOLLOW THE RATE ALLOWED UNDER PRODUCT FILING FOR THE GROUP POLICIES ISSUED VIOLATING FILE & USE GUIDELINES
IMPOSED PENALTY RS.6,00,000
40
27-APR-2021
MAX LIFE INSURANCE CO.LTD.
IRDA
DID NOT COMPLY WITH REPORTING REQUIREMENTS VIOLATING CLAUSE 11.2 OF OUTSOURCING GUIDELINES
IMPOSED PENALTY RS.3,00,000
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.
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