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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

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