Page 21 - Insurance Times April 2019

Penalties levied by the Authority 2016-17
Sl. Name of the entity Amount of Date of issuance Brief particulars of the violation committed
No. Penalty (In Rs.) of penalty order
1. M/s. Bharti Axa Life Insurance Co. Ltd. 500000 12/4/2016 Violation of Clause B-2 and C-4 of Group Insurance
Guidelines and Circular No. O15/IRDA/Life/Circular/Gl
Guidelines/2005 dated 14/07/2005
2. DHFL Pramerica Life Insurance Co. Ltd. 1500000 13/4/2016 Violation of out sourcing Guidelines, Corporate Agency
Guidelines & ITDA (Licensing of Corporate Agency)
Regulations.
3. Max Bupa Health 2000000 26/4/2016 Violation of F&U guidelines. Authority's circular no. IRDA/
CIR/011/2003, dated 27-03-2003, IRDA (Sharing of
database for distribution of insurance products)
Regulations, 2010 and Clause 6 of Corporate Governance
guidelines.
4. Kotak Mahindra Old Mutual Life Ins. Co. Ltd. 500000 6/5/2016 Violation of IRDA (Protection of Policyholders' Interests)
Regulations, 2003.
5. National Insurance Co. Ltd. 1500000 6/8/2016 Violation of Corporate Agency guidelines, commission
circulars, 7(c) of IRDA (Registration of Indian Insurance
Companies) Regulations, 2000 & F&U guidelines.
6. Royal Sundaram Alliance Ins. Co. Ltd. 4000000 6/5/2016 Violation of Outsourcing guidelines, Commission circulars,
Regulation 3(1) (iii) of IRDA(Insurance Advertisements and
Disclosure) Regulations, 2000, circular IRDA/CIR/011/2003
dated 27-03-2003, circular no. 11/IRDA/Brok.Comm/Aug
08, Regulation 7 (i) of IRDA (Protection of Policy Holders
Interest Regulations), 2002 dated 25-08-2008 and F&U
guidelines.
7. Future Generali India Ins. Co. Ltd. 3500000 16/5/2016 Violation of Authority's circular IRDA/CIR/011/2003, dated
27-03-2003, F&U guidelines, Group Insurance guidelines,
and Regulation 9(a) of IRDA (shoring of Database for
distribution of Insurance Products) Regulations, 2010.
8. Max Life Insurance Co. Ltd. 1000000 28/6/2016 Violation of Sec.64VB of Insurance Act, F&U guidelines
and Regulation 19 of IRDA (Insurance Brokers)
Regulations, 2002.
9. Bharti Axa Gen. Ins. Co. Ltd. 500000 20/7/2016 Violation of Reg. 4 (a) and 4 (b) of IRDA (Health Insurance)
Regulations, 2013.
10. Exide Life Insurance Co. Ltd. 500000 12/7/2016 Violation of the provisions of Section 40B of Insurance Act,
1938 read with Rule 17D of the Insurance Rule 1939.
11. Shriram General Insurance. Co. Ltd. 1500000 25/7/2016 Violation of IRDA circular ref. no. IRDA/Cir/010/2003, dated
27.03.2003 and F&U guidelines.
12. Bajaj Allianz Gen. Ins. Co. Ltd. 1000000 26/7/2016 Violation of Corporate Agency guidelines.
13. Bharti Axa Gen. Ins. Co. Ltd. 3500000 9/8/2016 Violation of Outsourcing guidelines, Authority's circular
no. IRDA/CIR/011/2003 dated 27-03-2003 and Section
33(3) of Insurance Act, 1938 and F&U guidelines.
14. SBI Life Insurance Co. Ltd. 1000000 11/8/2016 Violation of Authority circular ref. no. IRDA/CIR/011/2003,
dated 27-03-2003, Reg. 9 of IRDA (Licensing of Corporate
Agents) Regulations, 2002 and clause 8 & 17 of Authority's
Corporate Agency guidelines dated 14.07.2005.

The Insurance Times, April 2019 21