National Insurance Co Ltd and New India Assurance Company Ltd penalized by IRDA.


As per IRDA circular NO IRDA/NL/Misc/159/07/2011 dated 08th July, 2011  every non-life insurer to submit information pertaining to Policies, premium, claims, agent and offices in prescribed formats (form I to X) within 21 days of the end of every quarter.

A monetary penalty of Rs5 Lacs each was imposed on two non-insurance companies’ i.e National Insurance Co Ltd and New India Assurance Company Ltd.

New India Assurance Company Ltd, submitted the reports for II quarter on 03.12.2011 (against the last date of 21st Oct, 2011) and reports for the III quarter were submitted on 17.02.2012 (last date 21.01.2012) and for IV quarter were submitted by 15.06.2012 (against 21.04.2012). This too after repeated reminders by the Insurance regulator i.e IRDA.

National Insurance Company Ltd submitted the reports for II quarter on 07.12.2011 (against the last date of 21st Oct, 2011) and reports for the III quarter were submitted on 16.02.2012 (last date 21.01.2012) and for IV quarter were submitted by 18.06.2012 (against 21.04.2012). This too after repeated reminders by the Insurance regulator i.e IRDA.

To encourage all Insurance companies in India, to submit the mandatory reports to IRDA on time, a monetary penalty was levied on the two companies.

As is the regulator’s norm, the penalty has to be remitted by Demand Draft and not via ePayments. Ah, when can the penalties be remitted by ePayments.

 

Re-disseminated by Prashant N. Banker by daytime, Blogger by night.

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