What is the role of enforcement department at IRDAI?
The inspection department carries on on-site inspection of the licensed entities. The inspection report along with the reply of the inspected entity to the inspection observations is handed over to enforcement department for regulatory action. The role of Enforcement department commences at this stage. The enforcement department makes an objective study of the inspection report, response of the entity, evidence on record etc. and sets in motion the regulatory action. The regulatory action encompassing different stages like issue of Show Cause Notice, etc. depending upon the seriousness of the violations noticed culminates in the issue of final order levying financial penalties or issue of warning or issue of directions etc. The issue of final order is the final stage of disposal of the inspection report. There ends the role of Enforcement dept.
Process followed by the enforcement department while processing of the on-site inspection reports of licensed entities after receipt from inspection department.
Wherever required further clarifications are sought from inspected entity, after that if on the basis of the seriousness of the violations it is required, a Show Because Notice is issued, then an opportunity for personal hearing is provided if sought by inspected entity. After the personal hearing, the final order is issued by the Authority.
Details of the warnings issued and penalties imposed by the Authority on the licensed entities, based on the on-site inspection observations.
The details of the Orders issued by the Authority (Year wise and then Licensed entity wise) is available in the public domain under the link ‘Warnings/penalties’ on the home page of our website www.irda.gov.in
On what basis the Authority imposes penalty on the licensed entities.
As per the Provisions of Insurance Act, 1938.
Details of penalties imposed on the licensed entities during a financial year.
Details of penalties imposed is available in the Annual report and the soft copy of the annual report is made available on our website. The full Order is available under the link Warnings/penalties’ on the home page of our website www.irda.gov.in.