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
|
9911796707
