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    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

    Topics

    Acts Income Tax
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