Sahara Life Insurance has a problem with some of IRDA investment but did not press charges after getting clarification from the insurance company. Sahara Life Insurance have to make some changes to comply with Insurance Regulatory and Development Authority (IRDA) has many observations on investment issues related to Life Insurance Sahara, Subrata Roy Sahara is promoted by the Group. IRDA not press charges after getting clarification from the insurance company.
There are three offenses that imposed the penalty of Rs12 lakh and other violations of some of the releases. Read the first part: Sahara Life Insurance was arrested for multiple violations; punished for a mere Rs12 lakh.
Here is a deeper problem that most of its relationship with investment. This was discussed by the IRDA to insurers:
90-day grace period allowed in terms of policy with the group instead of the 30 day billing.
Decision: The insurer submitted that while admitting mistakes they have done this to facilitate the administrative problems and delays in policy remittance billing with the group and in no way affected policyholders. Insurance companies have been directed to strictly adhere to the procedures "file and use".
Premium quotations in this group scheme is not seen or approved by the Appointed Actuary.
Decision: premium quote on the scheme is appropriate premium rates approved by the authorities under the "File & Use", it still must be approved by the appointed actuary. Insurance companies have been directed to strictly adhere to "file and use" procedure.
Delays in the delivery of the policy document to the customer.
Decision: The cases were observed clearly expresses the insurer omission in giving policy that violates the provisions of IRDA. Insurance is also directed to comply strictly with the Policyholder Protection Rules.
One categorization effect (under rating AA) as government securities.
Decision: a valuable submission of insurance under the AA rating has been categorized as such other approved securities guaranteed by the state government are considered and the charge was pressed.
Investments in bonds issued against the security of a negative line on property assets and mortgage companies, no financial analysis and risk analysis.
Decision: the filing of insurance that the financial analysis and portfolio risk taken at regular intervals considered and the charge was not pressed.
Large investment in a mutual fund exposure single exposure exceeds the specified maximum ULIP funds.
Decision: insurance proposed that the current system is not able to classify mutual funds into investments and other investments approved automatic categorization alone which caused the error and confirmed that the exposure limits specified in the regulations are not violated. Insurance companies have been advised to put the necessary systems, as mandated and confirmation.
Not having the right system for controlling and investment value. Done manually in excel sheet.
Decision: the filing of insurance that has implemented Financial and Investment Management Software they operated from Mumbai, then the software can not be shown to the inspection team visited the office of Lucknow is considered.
NAB otherwise deviate from what is defined in ULIP guidelines as costs incurred in the purchase / sale of securities on a given day are not included.
Decision: Insurance has submitted that the costs incurred in the purchase / sale of securities, including the seizure and acquisition costs on a day when the transaction is in there. NAV calculations are fully automated system. It is also submitted that in many types of transactions there are no transaction costs act like mutual funds, FD, and even some debt transactions. The filing of an insurance company has received and expenses are not suppressed.
Declaration of good health (DGH) is not collected in a product group-Saharan Jamakarta Samooh Bima.
Decision: Confirmation of insurance that DGH was collected as a part of the Policyholder Group membership form to be considered and the charge was not pressed.
In addition to the payment of commissions to the agent of the company
Decision: the filing of insurance that is payment for the cost of publicity on behalf of insurance companies and one-time sample is considered and the charge was not pressed.
Sahara insurance company allowed to sell group insurance company without a license.
Decision: that a certain person filing the insurance company of Sahara India agents only sell policies and CMSD, the group company only help them to find prospective clients is considered and the charge was pressed.
Delay in calling for new business requirements in the proposal.
Decision: Taking into account the fact that it was an isolated instance, the view taken by software, and the charge was pressed.
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