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        Case ID :
        Income Tax

        Approved Public/Private Insurance Companies

        November 30, 2012

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        Press Information Bureau

        Government of India

        Ministry of Finance

        30-November-2012 15:18 IST

        The Insurance Regulatory and Development Authority (IRDA) has informed that in India, foreign companies can only form joint ventures with Indian companies. The list of the approved private life insurance companies operating in India and details of their joint venture partners company-wise, year-wise and State-wise details of registered office are enclosed in Annexure I.

        The number of policyholders’ complaints received against private life insurance companies for the financial year 2011-12 are placed at Annexure II.

        IRDA has further informed that they have a centralized system- the Integrated Grievance Management System (IGMS) which creates the Central repository of complaints of policy holders against all insurance companies. Action, including imposition of penalties and warnings, is taken against the companies where deemed necessary.

        This was stated by the Minister of State for Finance, Shri Namo Narain Meena in a written reply to a question in the Lok Sabha today.

        *****

        DSM/RS/ka

        Annexure-I

        List of  Private Life Insurance Companies

        Sl.No.

        Insurers

        Foreign Partners

        RegnNo.

        Date of Registration

        Year of Operation

        Registered Office located in (City/State)

        1.      

        HDFC Standard Life Insurance Co. Ltd.

        Standard Life (Mauritius Holdings), 2006 Ltd.

        101

        23.10.2000

        2000-01

        Mumbai (Maharashtra)

        2.      

        Max Life Insurance Co. Ltd.

        Mitsui Sumitomo Insurance co.Ltd, Japan

        104

        15.11.2000

        2000-01

        Mumbai (Maharashtra)

        3.      

        ICICI-Prudential Life Insurance Co. Ltd.

        Prudential Corporation Holdings Ltd , UK

        105

        24.11.2000

        2000-01

        Mumbai (Maharashtra)

        4.      

        OM Kotak Life Insurance Co. Ltd.

        Old Mutual Plc,, South Africa

        107

        10.01.2001

        2001-02

        Mumbai (Maharashtra)

        5.      

        Birla Sun Life Insurance Co. Ltd.

        Sun Life Financial (India) Insurance Investment Inc, Canada

        109

        31.01.2001

        2000-01

        Mumbai (Maharashtra)

        6.      

        Tata-AIG Life Insurance Co. Ltd.

        American International Assurance Co.(Bermuda Ltd.)

        110

        12.02.2001

        2000-01

        Mumbai (Maharashtra)

        7.      

        SBI Life Insurance Co. Ltd.

        BNP Paribas Cardif, France

        111

        29.03.2001

        2001-02

        Mumbai (Maharashtra)

        8.      

        ING Vysya Life Insurance Co. Ltd.

        ING Insurance International B.V., Netherlands

        114

        02.08.2001

        2001-02

        Bangalore (Karnataka)

        9.      

        Bajaj Allianz Life Insurance Co. Ltd.

        Allianz, SE Germany

        116

        03.08.2001

        2001-02

        Pune (Maharashtra)

        10.   

        Metlife India Insurance Co. Ltd.

        Metlife International Holdings Inc, USA

        117

        06.08.2001

        2001-02

        Bangalore (Karnataka)

        11.   

        Reliance Life Insurance Co. Ltd.

        Nippon Life Insurance Co.Ltd. Japan.

        121

        03.01.2002

        2001-02

        Mumbai (Maharashtra)

        12.   

        AVIVA India Life Insurance Co.Ltd

        Aviva International Holdings Ltd., UK

        122

        14.05.2002

        2002-03

        Gurgaon (Haryana)

        13.   

        Sahara Life Insurance Co. Ltd.

        ---

        127

        06.02.2004

        2004-05

        Lucknow (Uttar Pradesh)

        14.   

        Shriram Life Insurance Co. Ltd.

        ----

        128

        17.11.2005

        2005-06

        Hyderabad (Andhra Pradesh)

        15.   

        Bharti AXA Life Insurance Co. Ltd.

        AXA India Holdings, France

        130

        14.07.2006

        2006-07

        Mumbai (Maharashtra)

        16.   

        Future Generali India Life Insurance Company Ltd.

        Participatie Maatschapij Graafsschap Holland NV, Netherlands (“Generali”)

        133

        04.09.2007

        2007-08

        Mumbai (Maharashtra)

        17.   

        IDBI Federal Life Insurance Company Ltd.

        Aegis Insurance International NV. Netherlands

        135

        19.12.2007

        2007-08

        Mumbai (Maharashtra)

        18.   

        Canara HSBC OBC Life Insurance Company Ltd.

        HSBC Insurance (Asia Pacific) Holdings Ltd.

        136

        08.05.2008

        2008-09

        Gurgaon (Haryana)

        19.   

        Aegon Religare Life Insurance Company Ltd.

        Aegon India Holdings BV, Netherlands

        138

        27.06.2008

        2008-09

        Mumbai (Maharashtra)

        20.   

        DLF Pramerica Life Insurance Co. Ltd.

        Prudential International Insurance Holdings Ltd. USA

        140

        27.06.2008

        2008-09

        Gurgaon (Haryana)

        21.   

        Star Union Dai-Ichi Life Insurance Co. Ltd.

        Dai-Ichi Life Insurance Co Ltd. Japan

        142

        26.12.2008

        2008-09

        Mumbai (Maharashtra)

        22.   

        IndiaFirst Life Insurance Co. Ltd.

        Legal & General Middle East Ltd.

        143

        05.11.2009

        2009-10

        Mumbai (Maharashtra)

        23.   

        Edelweiss Tokio Life Insurance Company Ltd.

        Tokio Marine & Nichido Fire Insurance Co.Ltd. Japan

        147

                          10.05.2011

        2011-12

        Mumbai (Maharashtra)

         
         

         

         

         

         

         

         

         

         

         

         

         

        Annexure II

        POLICYHOLDER COMPLAINTS AND MOVEMENT OF COMPLAINTS AGAINST PRIVATE LIFE INSURERS FOR THE FINANCIAL YEAR 2011-12

        S.No

        Name of the Insurer

        Death Claims

        Policy Servicing

        Proposal Processing

        Survival  Claims

        ULIP Related

        Unfair Business Practice

        Others

        Total

        Movement of Complaints in 2011-12

        Reported during the year

        Attended during the year

        1

        Aegon Religare

        18

        365

        107

        25

        26

        2878

        21

        3440

        3440

        2774

        2

        Aviva

        38

        4201

        1113

        870

        1392

        4203

        1703

        13520

        13520

        13467

        3

        Bajaj Allianz

        2936

        3043

        1901

        6562

        2748

        4762

        438

        22390

        22390

        22388

        4

        Bharti AXA

        44

        551

        873

        184

        429

        5199

        30

        7310

        7310

        7285

        5

        Birla Sunlife

        66

        1827

        710

        990

        474

        7685

        159

        11911

        11911

        11632

        6

        Canara HSBC

        28

        877

        2819

        11

        126

        1324

        73

        5258

        5258

        5256

        7

        DLF Pramerica

        3

        51

        67

        0

        5

        490

        5

        621

        621

        619

        8

        Edleweiss Tokio

        0

        1

        3

        0

        0

        2

        0

        6

        6

        6

        9

        Future Generali

        50

        94

        14451

        10

        11

        1035

        16

        15667

        15667

        15640

        10

        HDFC Standard

        461

        5781

        5934

        2634

        1301

        17910

        1197

        35218

        35218

        35205

        11

        ICICI Prudential

        154

        2336

        1973

        755

        1170

        15499

        129

        22016

        22016

        22016

        12

        IDBI Federal

        29

        23

        20

        9

        14

        397

        10

        502

        502

        500

        13

        IndiaFirst

        4

        84

        255

        0

        29

        360

        6

        738

        738

        738

        14

        ING Vysya

        21

        2719

        1349

        3512

        338

        1509

        1050

        10498

        10498

        10497

        15

        Kotak Mahindra

        22

        275

        194

        109

        139

        5921

        2190

        8850

        8850

        8844

        16

        Max NewYork

        149

        3806

        3674

        333

        72

        2224

        104

        10362

        10362

        10360

        17

        MetLife

        99

        221

        219

        143

        179

        2032

        47

        2940

        2940

        2940

        18

        Reliance

        258

        5251

        33847

        721

        515

        9956

        259

        50807

        50807

        50802

        19

        Sahara

        12

        5

        4

        3

        2

        2

        1

        29

        29

        29

        20

        SBI Life

        115

        955

        9378

        622

        252

        6791

        377

        18490

        18490

        18482

        21

        Shri Ram

        5

        21

        17

        11

        10

        69

        16

        149

        149

        142

        22

        Star Union Daichi

        2

        23

        40

        1

        12

        193

        13

        284

        284

        283

        23

        Tata AIG

        395

        4264

        1111

        875

        918

        8657

        87

        16307

        16307

        16291

         

        Private Total:

        4909

        36774

        80059

        18380

        10162

        99098

        7931

        257313

        257313

        256196

        Foreign joint ventures are the sole route into private life insurance; centralised grievance reporting enforces compliance and oversight. Foreign insurers may participate in India's private life insurance market only via joint ventures with Indian companies; the document lists approved private life insurers with their foreign partners and registration details. A centralised Integrated Grievance Management System (IGMS) records policyholder complaints across insurers, enabling the regulator to monitor complaint volumes and to impose warnings or penalties where necessary. Company-wise complaint statistics for 2011-12 across specified categories are disclosed to inform regulatory oversight.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Foreign joint ventures are the sole route into private life insurance; centralised grievance reporting enforces compliance and oversight.

                                Foreign insurers may participate in India's private life insurance market only via joint ventures with Indian companies; the document lists approved private life insurers with their foreign partners and registration details. A centralised Integrated Grievance Management System (IGMS) records policyholder complaints across insurers, enabling the regulator to monitor complaint volumes and to impose warnings or penalties where necessary. Company-wise complaint statistics for 2011-12 across specified categories are disclosed to inform regulatory oversight.


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