Final order in the matter of M/s Visista Insurance Broking Services Pvt Ltd

Last updated: 29 May 2021

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This order details the findings of an inspection into Visista Insurance Broking Services Pvt Ltd. The company faced several charges, including failing to submit required documents, issues with organisational structure, and not providing adequate claims assistance. While most charges resulted in a caution or advisory, the company was fined Rs. 1 Lakh for failing to inform the Authority about opening a new office in Sri City, Andhra Pradesh.

Insurance Regulatory and Development Authority of India Order Ref. No:IRDA/ENF/ORD/ONS/149/05/2021 Date: 28-05-2021 Final order in the matter of M/s Visista Insurance Broking Services Pvt Ltd [Based on the reply ofM/s Visista Insurance Broking Services Pvt Ltd(the broker) dated 05/08/

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FAQ :

Visista Insurance Broking Services Pvt Ltd has been fined Rs. 1 Lakh for failing to inform the Authority about opening a new office. They also received cautions and advisories for other violations.

The charges included not submitting correct organisational structure, deficiencies in claims assistance, not intimating the Authority about a new office, non-submission of information, issues with director's remuneration, not obtaining proposal forms, and renewal notices lacking mandatory disclosures.

The penalty of Rs. 1 Lakh was levied because the company violated Regulation 38(4)(i) of the IRDA (Insurance Brokers) Regulations, 2013, by not informing the Authority about the opening of their office in Sri City, Andhra Pradesh.

For most other charges, the Authority issued cautions and advisories, urging the broker to ensure compliance and warning of serious view for future recurrences.

The penalty of Rs. One Lakh must be remitted within 45 days from the date of receipt of the order.

The order is based on an on-site inspection conducted in December 2018, followed by a show-cause notice, the broker's reply, and a personal hearing held via video conferencing on 6th May 2021.

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Notification No : Ref. No:IRDA/ENF/ORD/ONS/149/05/2021
Published in Miscellaneous
Source : https://www.irdai.gov.in/admincms/cms/whatsNew_Layout.aspx?page=PageNo4498&flag=1

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