Professional Documents
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ANNEXURE 10(i)
PENALTIES LEVIED BY THE AUTHORITY DURING FY 2015-16
Sl. Name of the entity Amount of Date of issuance Brief particulars of the violation committed
No Penalty (in `) of penalty order
1 Reliance General Insurance Co Ltd 500000 10/4/2015 Violaiton of IRDA (Health Insurance) Regulation, 2013
2 Gokulam Health Services TPA Pvt Ltd 200,000 13/4/2015 Violation of IRDA (TPA-Health Services) Regulations.
3 United India Insurance Co Ltd 6,000,000 22/4/2015 Violation of IRDA (Preparation of Financial Statements and Auditors
report of insurance companies) Regulations, 2002, IRDA ((Protection
of Policyholders' Interests) Regulations, 2002, F&U guidelines,
Section,64VB of Insurance Act, IRDA (ASLM) Regulations, 2000,
IRDA (Licensing of insurance agents) Regulations, 2000,
advertisement guidelines and guidelines on payouts to licensed
entities.
4 Chola MS General Insurance Co. Ltd 100,000 24/4/2015 Marketing of product named 'Chola MS Corporate Travel Insurance'
without approval of the Authority
5 National Insurance Co Ltd 500,000 27/4/2015 Violation of Reg.5(r),5(e),5(f)(iv),5(g),8(d)(iv) of IRDA (Health
Insurance) Regulation, 2013 and Reg.14(2)(h) of IRDA Act 1999.
6 Good Health Plan TPA Ltd 500,000 28/4/2015 Violation of IRDA (TPA-Health Services) Regulations.
7 India First Life Insurance Co Ltd 6,500,000 27/5/2015 Violation of Section 40(1), 40(A) of Insurance Act, Corporate agents,
F&U and group insurance guidelines and IRDA (Protection of
Policyholders' Interests) Regulations, 2002.
8 Future Generali India Life Ins. Co Ltd 5,000,000 9/6/2015 Violation of provisions of IRDA (Registration of Insurance Companies)
Regulation, 2000, Section 40(1) & 42(7) of Insurance Act,1938,
IRDA (Sharing of Database) Regulations, 2010, corporate agents
guidelines and IRDA (Protection of Policyholders' Interests)
Regulations, 2002
9 India First Life Insurance Co Ltd 500,000 3/7/2015 Violation of Section 40 (1) of the Insurance Act, 1938 and Clause
21 of the Circular No. 017/IRDA/Circular/CA guidelines/2005 dated
14th July 2005 issued under IRDA (Licensing of Corporate Agents)
Regulations, 2002
10 Tata AIA Life Insurance Co Ltd 1,000,000 3/7/2015 Violation of Clause 21 of the Circular No. 017/IRDA/Circular/CA
guidelines/2005 dated 14th July 2005 issued under IRDA (Licensing
of Corporate Agents)Regulations, 2002
11 L&T General Insurance Co Ltd 5,000,000 30/7/2015 Violation of F&U guidelines, Distance Marketing guidelines, IRDA
(Protections of Policyholders' Interests) Regulations,2002 and
Section.40(1) and 42D(8) of Insurance Act,1938.
12 Bajaj Allianz General Insurance Co Ltd 1,500,000 31/7/2015 Violation of Section 64VB,40(1) & 42d(8) of Insurance Act and
commission circular dated 25/08/2008
13 Reliance Life Insurance Co Ltd 8,500,000 6/8/2015 Violation of Outsourcing guidelines and Corporate Governance
guidelines.
14 ICICI Lombard General Ins. Co Ltd 1,000,000 3/9/2015 Violation of F&U guidelines and Section 64VB of Insurance Act, 1938.
15 Reliance General Insurance Co Ltd 500,000 10/9/2015 Violation of provisions of Reg.2(g)(i) of IRDA (Registration of
Insurance Companies) Regulation, 2000
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ANNUAL REPORT 2015-16
16 Reliance Life Insurance Co Ltd 500,000 10/9/2015 Violation of Reg.2(g)(i) of IRDA (Registration of Indian Insurance
companies) Regulaiton, 2000
17 ICICI Life Insurance Co Ltd 500,000 9/10/2015 Violation of Outsourcing guidelines.
18 IDBI Federal Life Insurance Co Ltd 1,600,000 4/11/2015 Violation of Group Insurance guidelines, F&U guidelines, Section
40A(1) & 40(1) of Insurance Act,1938 and IRDA (Licensing of
Corporate Agents) Regulations, 2002
19 East West Assist TPA Pvt Ltd 100,000 17/11/2015 Violation of IRDA (TPA-Health Services) Regulations.
20 Chola MS General Insurance Co. Ltd 2,500,000 16/12/2015 Violation of F&U guidelines, Section 64VB of Insurance Act,1938,
IRDA (Sharing of Database) Regulations, 2010 and IRDA (Protection
of Policyholders') Regulations, 2002.
21 Iffco-Tokio General Insurance Co Ltd 1,000,000 7/1/2016 Violation of F&U guidelines and provisions of IRDA (Licensing of
Corporate Agents) Regulations, 2002.
22 Universal Sompo General Ins. Co Ltd 1,500,000 7/1/2016 Violation of F&U guidelines, additional payouts to licensed entities,
guidelines on solicitation of business and IRDA (Sharing of Database)
Regulations, 2010.
23 Anmol Medicare TPA Ltd 500,000 11/1/2016 Violation of IRDA (TPA-Health Services) Regulations.
24 The New India Assurance Co Ltd 500,000 19/1/2016 Violation of Reg.4(a) of IRDA (Health Insurance) Regulations, 2013
25 The Oriental Insurance Co Ltd 2,000,000 8/2/2016 Violation of Group insurance guidelines, F&U guidelines and guidelines
on solicitation of business.
26 The New India Assurance Co Ltd 1,500,000 11/3/2016 Violation of IRDA (Licensing of Corporate Agents) Regulations, 2002,
F&U guidelines and IRDA (Protection of Policyholders' Interests)
Regulations, 2002.
27 Exide Life Insurance Co Ltd 1,100,000 21/3/2016 Violation of Section 45 of Insurance Act, Group Insurance Guidelines
and IRDA (Licensing of Corporate Agents) Regulations, 2002
28 Star Union Dia-ichi Life Ins. Co Ltd 100,000 22/3/2016 Violation of Group Insurance guidelines
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ANNEXURE - 10(ii)
PENALTIES LEVIED BY THE AUTHORITY DURING FY 2015-16 (BROKERS)
Sl. Name of the entity Amount of Date of issuance Brief particulars of the violation committed
No Penalty of penalty order
1 Aditya Birla Insurance Brokers Ltd ` 1,000,000 1/4/2015 (1) Penalty of `3 lacs. imposed for violation of Reg.20 of
IRDA (Insurance Brokers) Regulations 2002. (2). Penalty of
`2 lacs imposed for violation of Reg.13 of IRDA (Insurance
Brokers) Regulations 2013 (3) Penalty of `5 lacs imposed
for violatoin of Reg 8(2)(xiv) of IRDA (Insurance Brokers)
Regulations 2013
2 Sanguine Insurance Brokers Pvt.Ltd ` 100,733 1/4/2015 (1) Penalty of ` 733/- imposed for violation of Reg.18 of
IRDA (Insurance Brokers) Regulations 2002. (2) Penalty of
`1 lac imposed for violation of Reg.13 of IRDA (Insurance
Brokers) Regulations 2013
3 Navnit Insurance Broking Pvt.ltd. ` 302,500 9/4/2015 (1)Penalty of `2500/- imposed for violation of Reg.18 of
IRDA (Insurance Brokers) Regulations 2002.(2) Penalty of
`1 lac imposed for violation of Reg.13 of IRDA (Insurance
Brokers) Regulations 2013. (3) Penalty of `2 lacs imposed
for violation of Reg 9(3) of IRDA (Insurance Brokers)
Regulations 2002
4 Unison Insurance Broking Services Pvt.Ltd ` 400,000 9/4/2015 (1) Penalty of `2 lacs. imposed for violatoin of Clause 3(b) of
code of conduct as specified in IRDA (Insurance Brokers)
Regulations 2013. (2) Penalty of `2 lacs imposed for risk
assessment report relates to universal management, violation
of Reg 4 of IRDA (Insurance Brokers) Regulations, 2013.
5 Salasar Services Insurance Brokers Pvt.Ltd ` 500,000 13/4/2015 A penatly of ` 5 lacs imposed for violation of Reg.34 (b)
IRDA (Insurance Brokers) Regulations 2002
6 IndiaNivesh Insurance Brokers Pvt.Ltd ` 1,300,000 13/4/2015 (1) Penalty of ` 6 lacs. imposed for violation of Reg.20 of
IRDA (Insurance Brokers) Regulations 2002. (2) Penalty of
`5 lacs imposed for violation of Reg.34 (b) of IRDA (Insurance
Brokers) Regulations,2002. (3) Penalty of `2 lacs imposed
for violation of Reg.9(2)(b) of IRDA (Insurance Brokers)
Regulations 2002.
7 Rajkrishna Insurance Broker Pvt.Ltd ` 11,034 13/4/2015 Penalty of `11034/- imposed for violation of Regulation 18
of IRDA (Insurance Brokers) Regulations,2002
8 AIMS Insurance Broking Pvt. Ltd ` 100,000 20/4/2015 Imposed penalty of `1 lac. for violation of Reg.13 of IRDA
(Insurance Brokers) Regulations 2013
9 TransAsia Composite Insurance Broking Ltd ` 200,000 21/4/2015 Imposed penalty of `2 lacs. for violation of Reg.13 of IRDA
(Insurance Brokers) Regulations 2013
10 Interlink Ins. and Re-Ins. Broking Pvt. Ltd. ` 600,000 23/4/2015 Penalty of ` 6 lacs. Imposed for violation of Reg.20 of IRDA
(Insurance Brokers) Regulations 2002
11 RR Insurance brokers Pvt. Ltd. ` 523,608 27/4/2015 (1) Penalty of `23,608/- imposed for violation of Reg.18 of
IRDA (Insurance Brokers) Regulations 2002. (2) Penalty of
`5 lac imposed for violation of Reg.8(2)(iii)of IRDA (Insurance
Brokers) Regulations 2013
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ANNUAL REPORT 2015-16
12 Vipul Insurance Brokers Pvt.Ltd ` 200,000 4/5/2015 `2 lacs penalty imposed for violation of Reg.13 of IRDA
(Insurance Brokers) Regulations 2013
13 JK Risks Managers & Insurance Brokers Ltd. ` 400,000 12/5/2015 (1) `2 lacs penalty imposed for violation of Reg.9(2)(b) of
IRDA (Insurance Brokers) Regulations, 2002. (2) `2 lacs
penalty imposed for violation of Reg.9(3)(a) and (b) of IRDA
(Insurance Brokers) Regulations, 2002.
14 Premium Insurance Brokers Pvt.Ltd. ` 2,500 7/5/2015 Penalty of `2,500/- imposed for violation of Regulation 18
of IRDA (Insurance Brokers) Regulations,2002
15 Galaxy Risk Insurance Brokers Pvt.Ltd. ` 302,500 18/5/2015 (1) Penalty of `1 lac. imposed for violation of Reg.13 of IRDA
(Insurance Brokers) Regulations 2013. (2) Penalty of `2500/
- imposed for violation of Regulation 18 of IRDA (Insurance
Brokers) Regulations,2002 . 3) Penalty of `2 lacs imposed
for violation of Reg.9(3)(b) of IRDA (Insurance brokers)
Regulations,2002
16 JB Boda Insurance Brokers Pvt.Ltd ` 800,000 18/5/2015 (1) Penalty of `1 lac. imposed for violation of Reg.13 of IRDA
(Insurance Brokers) Regulations 2013 (2) Penalty of `2 lacs
imposed for violation of Reg.21(3)(b) of IRDA (Insurance
brokers) Regultions,2002 (3) Penalty of ` 2 lacs imposed for
violation of Reg.27 of IRDA (Insurance brokers) Regulations
2002 (4) Penalty of `3 lacs. imposed for violation of
Reg.9(2)(b) of IRDA (Insurance Brokers) Regulations,2002 .
17 Vulcan International Insurance Brokers Ltd. ` 300,000 18/5/2015 Penalty of `3 lacs. Imposed for violation of Reg.20 of IRDA
(Insurance Brokers) Regulations,2002
18 AU Insurance Broking Services Pvt.Ltd ` 200,000 18/5/2015 Penalty of `2 lacs. Imposed for violation of 9(3)(b) of IRDA
(Insurance Brokers) Regulations,2002
19 Praman Re-insurance Brokers Pvt.Ltd ` 407,500 5/5/2015 (1) Penalty of `7500/- imposed for violation of Regulation
14 of IRDA (Insurance Brokers) Regulations,2013. (2) Penalty
of `2 lacs imposed for violation of Reg.13 of IRDA (Insurance
Brokers) Regulations 2013. (3) Penalty of of `2 lacs for
violation of Reg.34(2) of IRDA (Insurance Brokers)
Regulations,2002
20 Mathrawala & Sons Ins.Brokers Pvt.Ltd. ` 479,790 26/5/2015 (1)Penalty of `4 lacs. imposed for violation of Regulation 24
of IRDA (Insurance Brokers) Regulations,2002 . (2) Penalty
of `79,790/- imposed for violation of Regulation 18 of IRDA
(Insurance Brokers) Regulations,2002
21 Zeal Direct & Re-Ins. Broking Services Pvt.Ltd. ` 12,500 26/5/2016 Penalty of `12500/-imposed for violation of Regulation 18
of IRDA (Insurance Brokers) Regulations,2002
22 Link-K Insurance Broker Co.Ltd ` 400,000 8/6/2015 (1) Penalty of ` 2 lacs. imposed for violation of Regulation
13 of IRDA (Insurance Brokers) Regulations, 2013 . (2) Penalty
of ` 2 lacs. imposed for violation of Reg. 8 (2)(ii) of IRDA’s
(Insurance Brokers) Regulations, 2013
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