The Insurance Regulatory & Development Authority (Irda) has started cracking down the whip on fraudulent entities that are selling insurance products without having the required licences for it.
In the latest move, the regulator has cautioned the public that a company-Darwin Platform Life Insurance & Finance Company Ltd and/or DP Life Insurance Finance Ltd- claiming to be a unit of Darwin Platform Group, the Netherlands, is offering life insurance to public.
Last week, Irda had said a company Aetna Healthcare Networks (India), claiming to be a unit of Aetna Inc, USA, is selling health insurance and collecting money from the applicants subscribing to the same.
These companies have not been issued any licence/certificate of registration by Irda under any of the provisions of the Insurance Act, 1938, and the Irda Act, 1999, for carrying on the said business.
Irda has further clarified that carrying on insurance business without obtaining the mandatory licence or certificate of registration from Irda in terms of provisions of the acts amount to a violation of the said statutes for which appropriate action, civil or criminal, may be taken up against such company.
?In view of the above, the general public is hereby cautioned not to deal with or purchase or subscribe to any of the plans stated to provide life insurance benefit of the said companies or through any person claiming to be its agent,?? said Irda.