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Insurance Regulatory and Development Authority of India Ref: IRDA/NL/ORD/MISC/039/03/2021 Order in the matter of M/s Chola MS General Insurance Company LtdBased on the (i) Show Cause Notice (SON) reference No. IRDAI/ NUChola/SCN/233/2020-21 dated 9th October, 2020 in connection with the on-
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FAQ :
The IRDAI issued the order due to Chola MS General Insurance Company Ltd violating provisions of the Guidelines on Motor Insurance Service Provider (MISPG), particularly concerning indirect payments to MISPs and their associates.
Chola MS made indirect payments to Motor Insurance Service Providers (MISPs) and automotive dealers under headings like 'advertisement' and 'professional charges', which is a violation of Guideline 15 (5) (d) of the MISP Guidelines. They also failed to promptly provide required documents and information during the inspection.
Chola MS was fined Rs 1 Crore for violating Guideline 15 (5) (d) of the MISP Guidelines by continuing engagement and payments to certain MISPs for advertisement display over an extended period.
Besides the penalty, Chola MS was directed to ensure prompt submission of information and documents during future inspections and to strictly comply with MISP Guidelines for any future engagements with automotive dealers.
The IRDAI conducted an on-site inspection of M/s Chola MS General Insurance Company Ltd from 1st to 4th May 2018.
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Notification No : IRDA/NL/ORD/MISC/039/03/2021Published in Miscellaneous
Source : https://www.irdai.gov.in/ADMINCMS/cms/whatsNew_Layout.aspx?page=PageNo4393&flag=1