Latest news with #InsuranceAct
Cision Canada
3 days ago
- Business
- Cision Canada
FSRA issues notices of proposal against Chanderkant Jindal Français
TORONTO, June 3, 2025 /CNW/ - Ontario's financial services regulator, FSRA, has initiated enforcement actions against Chanderkant Jindal (Jindal). FSRA alleges that Jindal provided false or misleading statements or representations in the solicitation or registration of insurance, contrary to section 17(c) of Ontario Regulation 347/04 under the Insurance Act. FSRA alleges that Jindal is not suitable to be licensed under the Mortgage Brokerages, Lenders and Administrators Act, and its regulations because his past and present conduct in the insurance and mortgage sectors provides reasonable grounds for belief that he will not deal or trade in mortgages in accordance with the law and with integrity and honesty. In addition, FSRA alleges that Jindal made a material misstatement or omission to FSRA on his license renewal application, contrary to section 10(3) of Ontario Regulation 409/07. FSRA is proposing to refuse to renew the mortgage agent license of Jindal and impose an administrative penalty in the amount of $5,000 against Jindal under the Insurance Act. Jindal has requested a hearing before the Financial Services Tribunal about these proposals. Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities. For media inquiries: Ashley Legassic Sr. Media Relations and Digital Officer Financial Services Regulatory Authority C: 647-719-8426 Email: [email protected]
Yahoo
3 days ago
- Business
- Yahoo
FSRA issues notices of proposal against Chanderkant Jindal
TORONTO, June 3, 2025 /CNW/ - Ontario's financial services regulator, FSRA, has initiated enforcement actions against Chanderkant Jindal (Jindal). FSRA alleges that Jindal provided false or misleading statements or representations in the solicitation or registration of insurance, contrary to section 17(c) of Ontario Regulation 347/04 under the Insurance Act. FSRA alleges that Jindal is not suitable to be licensed under the Mortgage Brokerages, Lenders and Administrators Act, and its regulations because his past and present conduct in the insurance and mortgage sectors provides reasonable grounds for belief that he will not deal or trade in mortgages in accordance with the law and with integrity and honesty. In addition, FSRA alleges that Jindal made a material misstatement or omission to FSRA on his license renewal application, contrary to section 10(3) of Ontario Regulation 409/07. FSRA is proposing to refuse to renew the mortgage agent license of Jindal and impose an administrative penalty in the amount of $5,000 against Jindal under the Insurance Act. Jindal has requested a hearing before the Financial Services Tribunal about these proposals. Learn more: Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities. For media inquiries: Ashley LegassicSr. Media Relations and Digital OfficerFinancial Services Regulatory AuthorityC: 647-719-8426Email: SOURCE Financial Services Regulatory Authority of Ontario View original content to download multimedia: Sign in to access your portfolio
&w=3840&q=100)
Business Standard
28-05-2025
- Business
- Business Standard
Prashant Tripathy to step down as Axis Max Life MD & CEO in September
Axis Max Life Insurance on Wednesday said that its current managing director and chief executive officer (MD & CEO), Prashant Tripathy, has decided to take early retirement and will step down from his position at the end of the September quarter. Accordingly, the company's board will initiate the process to identify his successor, subject to the necessary regulatory approvals. In September 2023, Tripathy was reappointed as the MD & CEO of Axis Max Life for a period of five years, until December 2028. '…I hereby express my desire to retire early from my position as the MD & CEO of Axis Max Life to devote time to my personal pursuits and priorities,' Tripathy said in his letter to the board of directors seeking early retirement. The board has approved his request, Max Financial Services—the holding company of Axis Max Life Insurance—said in an exchange notification. Tripathy took over as MD & CEO of Axis Max Life Insurance (earlier known as Max Life Insurance) in January 2019, following the resignation of then MD & CEO Rajesh Sud in September 2018. Tripathy had joined the company in 2007 and served as its MD & CEO for the last six years. '…I would like to extend our deep appreciation to Prashant for his visionary leadership and the lasting impact he has made on the company over the years,' said Rajiv Anand, chairman, Axis Max Life Insurance. Axis Max Life Insurance is a joint venture between Axis Bank and Max Financial Services. Entities of Axis Bank hold a 19.02 per cent stake in the company, while Max Financial Services holds the remaining 80.98 per cent. In a recent interview with Business Standard, Tripathy shared his vision for the company to break into the top three private sector listed life insurance players in the country. He also mentioned that once the amendments to the Insurance Act are passed, the company would initiate the listing process for Axis Max Life Insurance, which is currently quasi-listed through its holding company, Max Financial Services.
Economic Times
24-05-2025
- Business
- Economic Times
Acko General Insurance fined Rs 1 crore by IRDAI: Will you be affected if you bought a policy from Acko?
IRDAI fined Acko General Insurance Rs 1 crore for regulatory lapses involving Ola Financial Services (OFSPL). Acko made payments to Ola Financial Services disguised as advertisement and API fees, even when OFSPL lacked authorization to solicit and sell insurance. Read on to know whether the policies purchased during this period will remain valid and what the perils of buying policies from unregistered intermediaries are. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Does this impact the validity of insurance policies purchased from Acko or Ola Financial Services? What are the consequences of buying insurance policies from unregistered intermediaries or corporate agents? Tired of too many ads? Remove Ads How can consumers know whether the person selling them insurance is legally authorised? India's insurance watchdog, IRDAI (Insurance Regulatory and Development Authority), recently fined general insurer Acko Rs 1 crore for multiple regulatory lapses in its outsourcing and commission practices. These include engaging with Ola Financial Services Private Limited (OFSPL) to solicit or aid in selling insurance policies , even when OFSPL was not legally authorised to do the payments made by Acko to OFSPL were largely in the nature of commission/remuneration and rewards for such solicitation, made under the guise of paying them for advertisement, web branding, and API infrastructure service fees, which flout the provisions of the Insurance Act, the order by IRDAI highlighted, 'the insurer (Acko) entered into this arrangement just to pass on excess payments to OFSPL under the guise of an API agreement, which is not otherwise permitted by the regulations. And though the insurer entered into an advertisement agreement with OFSPL on 14th November, 2018, they started making payments under this head prior to the agreement.'Acko and Ola representatives did not respond to our request for on to know how this ruling will impact the policyholders and what the impacts of buying insurance policies from unauthorised intermediaries Explains Priya Dhankhar, Counsel, SKV Law Offices, 'The IRDAI order issued against Acko General Insurance pertains to regulatory issues, not to the core insurance policies issued to consumers. There is no suggestion in the order that policies issued via OFSPL are invalid, unenforceable, or compromised in any way.''As such, there is no direct adverse impact on policyholders. All insurance policies sold by Acko, including those issued during the period under scrutiny, remain legally valid and enforceable. Policyholders can continue to avail themselves of claims and policy benefits per their contractual terms,' she Agarwal, Founder, Legum Solis, concurs. 'As there is nothing in the order or in the law that talks about such policies falling through, there does not seem to be any impact on the policyholders who bought Acko policies.'According to the order, 'From FY 2018-19 to January 2021, OFSPL was neither a corporate agent nor an intermediary of the company. OFSPL became a corporate agent of the company only in January 2021. OFSPL was purely a service provider of the company, appointed for technology and marketing services.'Moreover, IRDAI highlighted that OFSPL did not have the required expertise in providing any infrastructural services for the issuance of insurance policies by API or providing advertisement since OFSPL was purely a service provider of Acko appointed for technology and marketing services and was not a registered corporate agent, they could not have legally solicited insurance policies during this with unregistered corporate agents can be risky for policyholders, since they could end up receiving misinformation about insurance policies. Such an unregulated entity may prefer earning higher commissions on the sale of more policies than protecting policyholders' Dhankar, 'When insurers use unlicensed or unauthorised entities to distribute insurance products, it poses several risks to consumers. First, such intermediaries may not have the required training, regulatory oversight, or ethical obligations, which increases the likelihood of mis-selling or inaccurate disclosures.''Consumers may receive misleading information about product features, exclusions, or claim procedures. Second, there is little recourse available in case of grievances—unlicensed agents are not accountable under IRDAI's framework, leaving policyholders unprotected. Lastly, if such intermediaries are driven by non-transparent or unregulated incentives, their advice may prioritise commissions over the consumer's best interests,' she according to the order, OFSPL was issued a certificate of registration that was valid between 11th September, 2019, and 10th September, 2022. However, this did not entitle them to 'advertisement and API charges paid to them by Acko, which were in the nature of rewards.'In other words, Acko made payments to Ola Financial Services Pvt. Ltd. (OFSPL), which was not a registered intermediary for part of the relevant period. However, at present, OFSPL is a registered corporate agent, with its present license valid till September 10, 2025.'Payments made to unlicensed intermediaries also may not be securely handled. There is likely to be a lack of accountability, which may impact consumers' right to recourse. Unregulated intermediaries are also not obligated to adhere to any data protection standards,' says Trinath Tadakamalla, partner at Solaris can protect themselves by taking a few simple steps to verify the credentials of anyone selling them an insurance policy. IRDAI maintains a public register of all licensed insurance agents and intermediaries on its website ( where customers can cross-check the name or license number of the person or consumers should ask the intermediary (from where they are purchasing their policy) for their IRDAI registration details and confirm whether they are acting as a corporate agent, broker, or web aggregator. If the policy is being sold via a digital platform or app, consumers should ensure that the platform is listed as an authorised partner by the insurer. In case of doubt, consumers may contact the insurance company directly to confirm the legitimacy of the seller and to understand whether any incentives or commissions apply.
Time of India
24-05-2025
- Business
- Time of India
Acko General Insurance fined Rs 1 crore by IRDAI: Will you be affected if you bought a policy from Acko?
IRDAI fined Acko General Insurance Rs 1 crore for regulatory lapses involving Ola Financial Services (OFSPL). Acko made payments to Ola Financial Services disguised as advertisement and API fees, even when OFSPL lacked authorization to solicit and sell insurance. Read on to know whether the policies purchased during this period will remain valid and what the perils of buying policies from unregistered intermediaries are. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Does this impact the validity of insurance policies purchased from Acko or Ola Financial Services? What are the consequences of buying insurance policies from unregistered intermediaries or corporate agents? Tired of too many ads? Remove Ads How can consumers know whether the person selling them insurance is legally authorised? India's insurance watchdog, IRDAI (Insurance Regulatory and Development Authority), recently fined general insurer Acko Rs 1 crore for multiple regulatory lapses in its outsourcing and commission practices. These include engaging with Ola Financial Services Private Limited (OFSPL) to solicit or aid in selling insurance policies , even when OFSPL was not legally authorised to do the payments made by Acko to OFSPL were largely in the nature of commission/remuneration and rewards for such solicitation, made under the guise of paying them for advertisement, web branding, and API infrastructure service fees, which flout the provisions of the Insurance Act, the order by IRDAI highlighted, 'the insurer (Acko) entered into this arrangement just to pass on excess payments to OFSPL under the guise of an API agreement, which is not otherwise permitted by the regulations. And though the insurer entered into an advertisement agreement with OFSPL on 14th November, 2018, they started making payments under this head prior to the agreement.'Acko and Ola representatives did not respond to our request for on to know how this ruling will impact the policyholders and what the impacts of buying insurance policies from unauthorised intermediaries Explains Priya Dhankhar, Counsel, SKV Law Offices, 'The IRDAI order issued against Acko General Insurance pertains to regulatory issues, not to the core insurance policies issued to consumers. There is no suggestion in the order that policies issued via OFSPL are invalid, unenforceable, or compromised in any way.''As such, there is no direct adverse impact on policyholders. All insurance policies sold by Acko, including those issued during the period under scrutiny, remain legally valid and enforceable. Policyholders can continue to avail themselves of claims and policy benefits per their contractual terms,' she Agarwal, Founder, Legum Solis, concurs. 'As there is nothing in the order or in the law that talks about such policies falling through, there does not seem to be any impact on the policyholders who bought Acko policies.'According to the order, 'From FY 2018-19 to January 2021, OFSPL was neither a corporate agent nor an intermediary of the company. OFSPL became a corporate agent of the company only in January 2021. OFSPL was purely a service provider of the company, appointed for technology and marketing services.'Moreover, IRDAI highlighted that OFSPL did not have the required expertise in providing any infrastructural services for the issuance of insurance policies by API or providing advertisement since OFSPL was purely a service provider of Acko appointed for technology and marketing services and was not a registered corporate agent, they could not have legally solicited insurance policies during this with unregistered corporate agents can be risky for policyholders, since they could end up receiving misinformation about insurance policies. Such an unregulated entity may prefer earning higher commissions on the sale of more policies than protecting policyholders' Dhankar, 'When insurers use unlicensed or unauthorised entities to distribute insurance products, it poses several risks to consumers. First, such intermediaries may not have the required training, regulatory oversight, or ethical obligations, which increases the likelihood of mis-selling or inaccurate disclosures.''Consumers may receive misleading information about product features, exclusions, or claim procedures. Second, there is little recourse available in case of grievances—unlicensed agents are not accountable under IRDAI's framework, leaving policyholders unprotected. Lastly, if such intermediaries are driven by non-transparent or unregulated incentives, their advice may prioritise commissions over the consumer's best interests,' she according to the order, OFSPL was issued a certificate of registration that was valid between 11th September, 2019, and 10th September, 2022. However, this did not entitle them to 'advertisement and API charges paid to them by Acko, which were in the nature of rewards.'In other words, Acko made payments to Ola Financial Services Pvt. Ltd. (OFSPL), which was not a registered intermediary for part of the relevant period. However, at present, OFSPL is a registered corporate agent, with its present license valid till September 10, 2025.'Payments made to unlicensed intermediaries also may not be securely handled. There is likely to be a lack of accountability, which may impact consumers' right to recourse. Unregulated intermediaries are also not obligated to adhere to any data protection standards,' says Trinath Tadakamalla, partner at Solaris can protect themselves by taking a few simple steps to verify the credentials of anyone selling them an insurance policy. IRDAI maintains a public register of all licensed insurance agents and intermediaries on its website ( where customers can cross-check the name or license number of the person or consumers should ask the intermediary (from where they are purchasing their policy) for their IRDAI registration details and confirm whether they are acting as a corporate agent, broker, or web aggregator. If the policy is being sold via a digital platform or app, consumers should ensure that the platform is listed as an authorised partner by the insurer. In case of doubt, consumers may contact the insurance company directly to confirm the legitimacy of the seller and to understand whether any incentives or commissions apply.
