Insurance
Regulatory and Development Authority of India has imposed penalty of Rs. 20
Lacs to M/s. ICICI Prudential Life Insurance Company limited due to several non-compliance's of its regulations. Authority instructed to insurer to deposit the amount by
debiting shareholders account. Authority had inspected books, documents of the
insurer for the financial year of 2011-12 and 2012-13. Total charges made to
insurer are 11 and out of them penalty are imposed on 4 charges. The summary of
areas where penalty has imposed areas under:-
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Charge No.
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Brief Title of Charges
and the provisions violated
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Decision of the
Authority
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1.
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Charge : Entered
agreements with Group Master Policy holders and making payouts in
Violation of
clause B-2 and clause C-4 of Group Insurance Guidelines No.
015/IRDA/Life/Circular/GI/Guidelines/2005 dated 14/07/2005
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Penalty of Rs. 5,00,000 and direction to
comply with all the relevant regulatory provisions issued in this regard.
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2.
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Charge: i) Gift
Card, foreign trips arranged to employee of Corporate Agents through Various Sales
campaign
ii) Entered service
level agreements with Corporate Agents and made payouts.
Violation of
Clause 21 of Guidelines on Licensing of Corporate Agents
No.017/IRDA/Circular/GI Guidelines/2005 dated 14/07/2005
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i)
Penalty of Rs. 5,00,000
ii)
Penalty of Rs. 5,00,000
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3.
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Charge: Contests
floated for employees of the brokers and remunerated them with gifts, foreign
trips.
Violation of
Regulation 19 of IRDAI (Insurance Brokers) regulations 2002
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Penalty of Rs.
5,00,000
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Total
Penalty imposed by Authority to Insurer is Rs. 20,00,000/- (Twenty Lacs only) for
more details you may visit official website of Insurance Regulatory and
Development Authority of India i.e. https://www.irdai.gov.in/ . The inspection
activities of IRDA of India has always protect interest of Policy Holders and
make strong believe towards safe insurance amongst all people of the country.
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