Overseas Insurer applying for opening of LO should have a financially sound track record. A profit making track record during the immediately preceding three financial years in the home country and net worth of not less than USD 65 million shall be the minimum requirement for applying for opening a Liaison office in India.
Charge of Not complying with the directions issued by the IRDAI against Axis Bank Limited. Decision: The corporate agent Axis Bank Ltd has not complied with the directions issued by the Authority vide letters dated 28th January, 2021, and dated 5th February, 2016. Therefore, a penalty of Rs 1 crore (Rupees One Crore only) is […]
The DC notes that inspection notice was served on him on the 09.08.2021. However, Mr. Varun preferred not to respond to it despite more than one year has elapsed in-between. Furthermore, Mr. Varun has neither responded nor he preferred to be avail personal hearing to put his submissions in response to the SCN issued dated […]
Charge: Not complying with directions issued by Insurance Regulatory And Development Authority of India. Decision: The Insurer Max Life Insurance Co. Ltd has not complied with the directions issued by the Authority vide letters dated 28th January, 2021, and dated 5th February, 2016. Therefore, a penalty of Rs 1 crore (Rupees One Crore only) is […]
Insurance Regulatory and Development Authority of India Order No: IRDAI/LIFE/ORD/MISC/209 /10/2022 Date: 12-10-2022 Background 1. A focused onsite inspection of M/s. Pramerica Life Insurance Co. Ltd., (the Insurer) was conducted from 14th October 2019 to 18th October 2019 and inspection report was shared with the insurer for their comments vide letter dated 30th December 2019. Response of the […]
Considering the submissions of the insurer as above, the charge is not being pressed. The insurer is however, advised to strengthen the internal checks and balances to avoid re-occurrence of clerical errors going forward.
DC observes that the CIRP Regulations covers the complete expenses and fees of the IRP/ RP, and this fee is payable after ratification by the CoC. The approval by the CoC of the expenses incurred in the CIRP is a mechanism for keeping a check on the expenditures made by the IRP/ RP. In the […]
With introduction of the facility, Post Office Small Savings customers will be able to access the account details anytime, anywhere and without the need of having Net Banking or the Mobile Banking access e-Passbook facility can be accessed by an account holder through the registered mobile number.
Discover how Zyden Gentec Limited faced an ₹8 Lakh penalty from MCA for not attaching Secretarial audit report (in form MR-3) for financial years 2015-16 and 2016-17, as required by Section 204 of Companies Act, 2013. Details of violation and penalties explained.
In a recent development, the Registrar of Companies, Rajasthan, Jaipur, has taken strict action against M/s INTERLINK EXPORTS LIMITED and its key personnel, Shri NARAYAN TUKARAM BADDI (CFO) and Shri ALOK NARAYAN BADDI (CEO), for their failure to comply with the provisions of Section 204(1) of the Companies Act, 2013. This non-compliance pertains to the […]
