Document Detail

Title: Warning
Reference No.: 349/Adv/Shriram/2010-11
Date: 04/10/2010
Observation on Reply to show cause notice
 
1st October, 2010
 
Mr R Duruvasan                                                                                 
CEO
Shriram Life Insurance Co, Ltd.
3-6-478, 3rd Floor, Anand Estate
Liberty Road,
Himayat Nagar,
Hyderabad - 500029
 
Sir,
Observation on reply to Show Cause Notice
 
This has reference to your letter dated 24/08/2010 in response to our Show-cause Notice Ref. no. 349/Adv/Shriram/2010-11 dated 06/08/2010. We have observed that you have violated the following stipulations pertaining to Insurance Advertisements:
 
·        Regulation 3(1)(v) of IRDA (Insurance Advertisement) Regulations, 2000
·        Provision 7 of Circular no. 007/IRDA/CIR/ADV/MAY-07 dated 14/05/2007
·        Provision 2 of Circular no. 47/IRDA/Act/FUP/VER4.0/JAN/2007 dated 31/01/2007
·        Regulation 2(e) of IRDA(Protection of Policyholders’ Interest) Regulations, 2000
·        Regulation 3(1) of IRDA(Protection of Policyholders’ Interest) Regulations, 2000
·        Provision 3.4.2.2 of Circular no. 007/IRDA/CIR/ADV/MAY-07 dated 14/05/2007
·        Provision 3.4.2.3 of Circular no. 007/IRDA/CIR/ADV/MAY-07 dated 14/05/2007
·        Provision 1.4.1 to 1.4.5 of Part IV of Circular no. 032/IRDA/Actl./Dec-2005 dated 21/12/2005
 
The Competent Authority has taken serious note of the above violations.However, taking into view the observations submitted by you and noting that it is a first time violation, it has been decided not to press the charges.
 
You are further cautioned that any recurrence of such violations will be taken seriously and advise you to strictly abide by all the Regulations and Guidelines relating to Insurance Advertisements.
Yours truly,
 
 
(Kunnel Prem)
Consultant & Special Officer (Life)
 
 
 
 
 
349/Adv/Shriram/2010-11
 

  • Download

  • file icon

    OBSERVATION ON REPLY TO SHOW CAUSE NOTICE.pdf

    356 KB