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INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY - page 86 / 228

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S. No.Name of the Insurance Company

Amount of Penalty

Brief particular of the violation committed

1.

Bajaj Allianz Life Insurance Co. Ltd.

Rs. 5,00,000/-

Penalty for violation of Section Sec 64Vc of the Insurance Act, 1938

2.

New India Assurance Co. Ltd.

Rs. 5,00,000/-

Penalty charged under Section 105B for violation of Section 32B of the Insurance Act, 1938

3.

Shriram Life Insurance Co. Ltd.

Rs. 5,00,000/-

Penalty charged under section 105B for violation of Section 32B of the Insurance Act, 1938

4.

ICICI Lombard General Insurance Co. Ltd.

Rs. 5,00,000/-

In response toAuthority’s order ref. no. 15/ INSP/ ICICI/ OnSITE INSPECTION/ 2007-08 dated 22.1.2008

5.

ICICI Lombard General Insurance Co. Ltd.

Rs. 5,00,000/-

Penalty charged under section 105B for violation of IRDA’s regulations and guidelines relating to reinsurance of risks pertaining to Indian Oil Corporation Ltd

6

ICICI Lombard General Insurance Co. Ltd.

Rs. 5,00,000/-

Penalty charged under section 105B for violation of IRDA’s File & Use guidelines in case of Pravsai Bhartiya Bima Yojana

7

Max NewYork Life Insurance Co. Ltd.

Rs. 5,00,000/-

Penalty charged under section 102(b) for violating directions issued by the Authority in respect of ULIP

8

Shriram Life Insurance Co. Ltd.

Rs 1,85,150/-

For late submission of the renewal of registration application.

ANNUAL REPORT 2007-08

b)

Protection of the interests of policyholders in

matters concerning assigning of policy, nomination by policyholders, insurable interest, settlement of insurance claim, surrender value of policy and other terms and

conditions of contracts of insurance.

IRDA’s main mission is to protect the interests of policyholders. Consistent with this, the Authority has set up grievance cells separately for life and non-life insurance business. There is also a separate channel set up to deal with complaints of senior citizens in respect of the premium hike in health insurance policies in the recent past. The Authority, through Regulations, mandated insurers to put in place effective mechanism for grievance redressal. Apart from receiving specific complaints from policyholders and taking

them up with insurers for resolution, the Authority adopts a proactive approach in identifying the underlying issues and conducting focused inspections as deemed necessary. The Authority also ensures that policyholders should be aware about the existence of grievance redressal channels and advised the insurers to incorporate such details in the policy document itself. In this connection, the Authority notified a Regulation of ‘’IRDA ( Protection of Policyholders’ Interest) Regulations 2002’’ in 2002 after obtaining the approval of Advisory Council. Later a Gazette Notification was issued. For making informed decisions by the policyholders while investing in the ULIP products the Authority has advised the insurers to disclose upfront the details on guaranteed benefits as well as non-turanteed benefits for each policy year. The format advised for this needs to be signed by the policyholders.

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