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ANNUAL REPORT 2015-16

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

Contd.. 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

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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ANNUAL REPORT 2015-16

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

Contd.. 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

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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ANNUAL REPORT 2015-16

Contd.. 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
23 Suraksha Insurance Brokers Pvt. Ltd ` 300,000 9/6/2015 Penalty of `3 lacs imposed for violation of Regulation 20 of
IRDA (Insurance Brokers) Regulations, 2002.
24 Satyan Insurance Brokers Pvt.Ltd. ` 203,886 10/6/2015 (1) Imposed penalty `3,886/- for violation of Reg.18 of IRDA
(Insurance Brokers) Regulations 2002 (2)Imposed penalty of
`2 lacs for violation of Reg.9(3) of IRDA (Insurance Brokers)
Regulations 2002
25 Deccan Ins. & Re-Insurance Brokers Pvt Ltd ` 200,000 25/6/2015 "Penalty of ` 2 lacs imposed for violation of 8 (2) of IRDA
(Insurance Brokers), Regulations,2013“"
26 Life and General Ins. and Reinsurnce Brokers Pvt Ltd ` 491,315 8/7/2015 (1) Penatly of `91,315 imposed for violation of Reg. 18 of
IRDA (Insurance Brokers) Regulations, 2002. (2) Penalty of
`2 lacs imposed for violation of Reg 18(3) of IRDA (Insurance
Brokers) Regulations, 2013. (3) Penalty of `2 lakhs imposed
for violation of Reg 9(3) of IRDA (Insurance Brokers)
Regulations, 2002.
27 Insutech Insurance Broking Services Pvt Ltd ` 100,000 8/7/2015 Penalty of `1 lac imposed for violation of Reg 13 of IRDA
(Insurance Brokers) Regulations, 2013.
28 Peraj Insurance Brokers Pvt Ltd ` 200,000 11/7/2015 Penalty of `2 lacs for violation for violation of Reg 18(3) of
IRDA (Insurance Brokers) Regulations, 2013
29 Safeway Insurance Brokers Pvt Ltd ` 1,020,000 28/7/2015 (1).Penalty of ` 20,000/- imposed for violation Regulation
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 Regulation 9(1) & 9(2) of
IRDA (Insurance Brokers) Regulations, 2002. (4) Penalty of
` 5 lacs imposed for violation of Regulation 3(b) of the code
of conduct of IRDA (Insurance Brokers) Regulations, 2002.
(5) Penlaty of ` 2 lacs imposed for violation of Reg 41 (1) (o)
of IRDA (Insurance Brokers) Regulations, 2013
30 Leads Insurance Brokers Pvt Ltd ` 305,750 31/7/2015 (1).Penalty of ` 5,750/- imposed for violation Regulation 18
of IRDA (Insurance Brokers) Regulations, 2002 . (2). Penalty
of ` 2 lacs imposed for violation of Reg 13(2) of the IRDA
(Insurance Brokers) Regulations 2002. (3). Penalty of ` 1 lac
imposed for violation of Regulation 13 of IRDA (Insurance
Brokers) Regulations, 2013
31 Nipun Insurance Brokers Pvt Ltd ` 300,000 31/7/2015 Penalty of ` 3 lakhs imposed for violation Regulation 20 of
IRDA (Insurance Brokers) Regulations, 2002 .
32 Telos Risk Mgmt. & Ins. Broking services Pvt Ltd ` 300,000 31/7/2015 Penalty of ` 3 lakhs imposed for violation Regulation 20 of
IRDA (Insurance Brokers) Regulations, 2002 .
33 VIS Insurance Brokers Pvt Ltd ` 230,000 31/7/2015 (1).Penalty of ` 30,000/- imposed for violation of Regulation
18 of IRDA (Insurance Brokers) Regulations, 2002 .
(2).Penalty of ` 2 lacs imposed for violation of Reg 9(3) of
the IRDA (Insurance Brokers) Regulations 2002.

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ANNUAL REPORT 2015-16

Contd.. 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
34 Satabdi Insurance Broker Ltd ` 300,000 31/7/2015 (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 9(3) of the IRDA
(Insurance Brokers) Regulations 2002.
35 Continental Suraksha Ins. Broking Services Pvt Ltd ` 11,926 31/7/2015 (1). Penatly of `11,926 imposed for violation of Reg. 18 of
IRDA (Insurance Brokers) Regulations, 2002.
36 MASS Insurance Brokers Pvt Ltd ` 302,500 31/7/2015 (1).Penalty of ` 2,500/- imposed for violation of Regulation
18 of IRDA (Insurance Brokers) Regulations, 2002 .(2) Penalty
of ` 3 lacs imposed for violation of Regulation 20 of the
IRDA (Insurance Brokers) Regulations, 2002.
37 Composite Ins. Brokers & Advisors Pvt Ltd ` 80 4/8/2015 Penatly of `80 imposed for violation of Reg. 18 of IRDA
(Insurance Brokers) Regulations, 2002.
38 Rangudyan Insurance Broking Services Ltd ` 405,776 5/8/2015 (1). Penalty of ` 5,776/- imposed for violation of Regulation
14 of IRDA (Insurance Brokers) Regulations, 2013 . (2).
Penalty of ` 2 lacs imposed for violation of Regulation 8(2)(iii)
IRDA (Insurance Brokers) Regulations, 2013. (3) Penlaty of
` 2 lacs imposed for violation of Reg 21 of the IRDA
(Insurance Brokers) Regulations, 2013
39 Anar Insurance Brokers Ltd ` 300,000 12/8/2015 Penalty of ` 3 lakhs imposed for violation of Regulation 20
of IRDA (Insurance Brokers) Regulations, 2002 .
40 RIA Insurance Brokers Pvt Ltd ` 200,000 21/8/2015 Penalty of ` 2 lacs imposed for violation of Regulation 9(3)
of IRDA (Insurance Brokers) Regulations, 2002 .
41 Sriyah Insurance Brokers Pvt Ltd ` 400,000 21/8/2015 (1)Penalty of ` 2 lacs imposed for violation of Regulation
9(3) of IRDA (Insurance Brokers) Regulations, 2002 . (2)
Penalty of ` 2 lacs imposed for violation of Regulation 38(4)
of IRDA (Insurance Brokers) Regulations, 2013
42 Synergy Insurance Broking Services Pvt Ltd ` 5,937 24/8/2015 Penalty of ` 5,937/- imposed for violation of Regulation 14
of IRDA (Insurance Brokers) Regulations, 2013 .
43 Almondz Insurance Brokers Pvt Ltd ` 200,000 27/8/2015 Imposed penalty of ` 2,00,000 for violation Reg 4 of the
IRDA (Insurance Brokers) Regulations, 2013
44 Shreyash Insurance Brokers Pvt Ltd ` 20,000 28/8/2015 Penalty of ` 20,000 imposed for violation of Regulation 14
of IRDA (Insurance Brokers) Regulations, 2013 .
45 Makhathi Insurance Broker Pvt Ltd ` 3,000 31/8/2015 Imposed penalty of ` 3000/- for violation of Regulation 14
of IRDA (Insurance Brokers) Regulations, 2013 .
46 Coretree Insurance Brokers (India) Pvt. Ltd ` 205,000 1/9/2015 (1)Penalty of ` 2 lacs imposed for violation of Regulation
9(3) of IRDA (Insurance Brokers) Regulations, 2002 . (2).
Imposed penalty of ` 5,000/- for violation of Regulation 18
of IRDA (Insurance Brokers) Regulations, 2002 .
47 Sunrays Insurance Broking Services Ltd ` 305,000 11/9/2015 (1).Penalty of ` 2 lacs imposed for violation of Regulation
9(3) of IRDA (Insurance Brokers) Regulations, 2002 . (2).
Penalty of ` 1 lac imposed for violation of Regulation 13 of

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ANNUAL REPORT 2015-16

Contd.. 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
(Contd..) IRDA (Insurance Brokers) Regulations, 2013. (3).Imposed
Sunrays Insurance Broking Services Ltd. penalty of ` 5,000/- for violation of Regulation 14 of IRDA
(Insurance Brokers) Regulations, 2013 .
48 BUT International Insurance Broker Pvt Ltd ` 100,000 8/9/2015 Penalty of ` 1 lac imposed for violation of Regulation 13 of
IRDA (Insurance Brokers) Regulations, 2013.
49 Royal Insurance Broking (India) Pvt. Ltd ` 110,500 22/9/2015 (1). Penalty of ` 1 lac imposed for violation of Regulation 13
of IRDA (Insurance Brokers) Regulations, 2013. (2).Penalty
of `10,500/- imposed for violation of Regulation 18 of IRDA
(Insurance Brokers) Regulations, 2002.
50 Key Insurance Brokers Pvt Ltd ` 102,500 24/9/2015 (1).Penalty of ` 1 lac imposed for violation of Regulation
9(3) of IRDA (Insurance Brokers) Regulations, 2002 . (2)
Penalty of ` 2,500/- imposed for violation of Regulation 18
of IRDA (Insurance Brokers) Regulations, 2002 .
51 Alliance Insurance Brokers Pvt Ltd ` 50,000 5/10/2015 Penalty of ` 50,000/- imposed for violation of Regulation 18
of IRDA (Insurance Brokers) Regulations, 2002 .
52 Blend Insurance Brokers Pvt Ltd ` 300,000 25/9/2015 (1).Penalty of ` 2 lacs imposed for violation of Regulation
9(3) of IRDA (Insurance Brokers) Regulations, 2002 . (2).
Penalty of ` 1 lac imposed for violation of Regulation 13 of
IRDA (Insurance Brokers) Regulations, 2013.
53 Kare India Insurance Brokers Pvt Ltd ` 206,297 15/10/2015 (1) Penalty of ` 2 lacs imposed for violation of Regulation
9(3) of IRDA (Insurance Brokers) Regulations, 2002 . (2)
Penalty of ` 6,297/- imposed for violation of Regulation 18
of IRDA (Insurance Brokers) Regulations, 2002 .
54 Urjita Insurance Brokers Pvt Ltd ` 2,500 16/10/2015 Penalty of ` 2,500/- imposed for violation of Regulation 18
of IRDA (Insurance Brokers) Regulations, 2002 .
55 Ecomoney Insurance Brokers Pvt. Ltd ` 402,500 16/10/2015 (1). Penalty of ` 2 lacs imposed for violation of Regulation
9(3) of IRDA (Insurance Brokers) Regulations, 2002 . (2).
Penalty of ` 2 lacs imposed for violation of Regulation 13 of
IRDA (Insurance Brokers) Regulations, 2013. (3). Penalty of
` 2,500/- imposed for violation of Regulation 18 of IRDA
(Insurance Brokers) Regulations, 2002 .
56 Way2Wealth Insurance Brokers Pvt Ltd ` 200,000 20/10/2015 Penatly of ` 2,00,000 imposed for violation of Reg 8(2)(iii)
of the IRDA (Insurance Brokers) Regulations, 2013.
57 Exclusive Insurance Broking Services Ltd ` 5,000 20/10/2015 Penalty of ` 5,000/- imposed for violation of Regulation 18
of IRDA (Insurance Brokers) Regulations, 2002 .
58 Fundtree Insurance Brokers Pvt Ltd ` 5,000 28/10/2015 Penalty of ` 5,000/- imposed for violation of Regulation 18
of IRDA (Insurance Brokers) Regulations, 2002 .
59 Mohur Insurance Broking and Services Pvt. Ltd ` 200,000 27/10/2015 Penatly of ` 2 lacs imposed for violation of Reg 8(2)(iii) of
the IRDA (Insurance Brokers) Regulations, 2013.
60 Platinumone Insurance Broking Pvt Ltd ` 5,000 30/10/2015 (1) Penalty of ` 5,000/- imposed for violation of Regulation
18 of IRDA (Insurance Brokers) Regulations, 2002 .

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Contd.. 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
61 Inditrade Insurance Broking Pvt Ltd ` 5,000 29/10/2015 Penalty of ` 5,000/- imposed for violation of Regulation 18
of IRDA (Insurance Brokers) Regulations, 2002 .
62 Hasthiraa Insurance Broking Pvt Ltd ` 2,500 30/10/2015 Penalty of ` 2,500/- imposed for violation of Regulation 18
of IRDA (Insurance Brokers) Regulations, 2002 .
63 Best Insurance Broking Services Pvt Ltd ` 308,115 3/12/2015 (1). Penatly of ` 2 lacs imposed for violation of Reg 8(2)(iii)
of the IRDA (Insurance Brokers) Regulations, 2013. (2)
Penalty of ` 8,115/- imposed for violation of Regulation 18
of IRDA (Insurance Brokers) Regulations, 2002. (3). Penalty
of ` 1 lac imposed for violation of Regulation 13 of IRDA
(Insurance Brokers) Regulations, 2013
64 IIT Ins. Broking & Risk Management Pvt. Ltd. ` 200,000 13/11/2015 Penatly of ` 2 lacs imposed for violation of Reg 8(2)(iii) of
the IRDA (Insurance Brokers) Regulations, 2013.
65 AB Insurance Brokers Pvt. Ltd. ` 800,000 12/1/2016 (1). Penatly of ` 2 lacs imposed for violation of Reg 8(2)(xiv)
of the IRDA (Insurance Brokers) Regulations, 2013. (2)
Penalty of ` 2 lacs imposed for violation of Regulation 41(1)(d)
of IRDA (Insurance Brokers) Regulations, 2013 . (3). Penalty
of ` 2 lacs imposed for violation of clause 3(b) of code of
conduct of IRDA (Insurance Brokers) Regulations, 2013. (4).
Penalty of ` 2 lacs imposed for violation of clause 7(i) of
Distance Marketing Guidelines, issued by the Authority

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