annual report 2008-09 - IRDA

ANNUAL REPORT 2008-09
PART III
STATUTORY FUNCTIONS OF THE AUTHORITY
a) Issue to the applicant a certificate of registration,
renew, modify, withdraw, suspend or cancel such
registration.
During 2008-09, the Authority granted certificate of
registration to Shriram General Insurance Company
Limited, Bharti Axa General Insurance Company
Limited and Raheja QBE General Insurance Company
Limited to underwrite general insurance business. It
also granted certificate of registration to Canara HSBC
Oriental Bank of Commerce Life Insurance Company
Limited, Aegon Religare Life Insurance Company
Limited, DLF Pramerica Life Insurance Company
Limited and Star Union Dai-ichi Life Insurance
Company Limited to underwrite life insurance
business. With the registration of these companies,
the total number of life insurers registered with the
Authority has gone up to 22 and the number of general
insurers has gone up to 21. The Certificates of
Registration issued earlier to all the existing life and
non-life insurance companies have been renewed in
terms of Section 3A of the Insurance Act, 1938.
Statement showing the penalty charged from the various insurers from 01-04-2008 to 30-09-2009
S. Name of the Amount of Brief particular of
No. Insurance Company Penalty the violation committed
1. Max NewYork Life Insurance Penalty charged under section 102(b) for violating
Company Limited Rs. 5,00,000/- directions issued by the Authority in respect of ULIP
2. ICICI Lombard General Penalty charged under section 105B for violation of
Insurance Company Limited Rs. 5,00,000/- IRDA’s File & Use guidelines in case of Pravsai Bhartiya
Bima Yojana
3. National Insurance Penalty charged under section 105B for violation of
Company Limited Rs. 2,00,000/- IRDA’s regulations and guidelines relating to
reinsurance of risks pertaining to Indian Oil
Corporation Ltd
4. United India Insurance Penalty charged under section 105B for violation of
Company Limited Rs. 2,00,000/- IRDA’s regulations and guidelines relating to
reinsurance of risks pertaining to Indian Oil
Corporation Ltd
5. New India Assurance Penalty charged under section 105B for violation of
Company Limited Rs. 2,00,000/- IRDA’s regulations and guidelines relating to
reinsurance of risks pertaining to Indian
Oil Corporation Ltd
6 National Insurance Penalty charged under section 105B for violation of
Company Limited Rs. 5,00,000/- IRDA’s regulations and guidelines
7 New India Assurance Penalty charged under section 105B for violation of
Company Limited Rs. 5,00,000/- IRDA’s regulations and guidelines
8 Iffco-Tokio General Insurance Penalty charged under section 105B for violation of
Company Limited Rs. 5,00,000/- IRDA’s regulations and guidelines
9 Reliance General Insurance Penalty charged under section 105B for violation of
Company Limited Rs. 20,00,000/- IRDA’s regulations and guidelines
10 HDFC Ergo General Penalty charged under section 105B for violation of
Insurance Company Limited Rs. 5,00,000/- IRDA’s regulations and guidelines
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