Insurance regulator Irda has directed New Delhi-based Radiant Overseas to stop selling insurance policies of a Ukraine insurer as they are not registered with the sectoral watchdog.
"...This Authority (Irda) hereby directs Radiant Overseas (P) Limited, New Delhi, to stop issuing, marketing or selling insurance policies, collecting money towards insurance premium or carrying on any activity related to and connected with the business of insurance," Irda said in an order.
Insurance Regulatory and Development Authority (Irda) further said that the order would come into force with immediate effect, failing which the regulator will initiate appropriate action under the Insurance Act.
Irda said that it has come to its notice that Radiant Overseas has been issuing, marketing and selling in India, mediclaim insurance policies of Dask Ukrainemedstrakh, a private limited insurance company, registered with Ukraine.
"...The entities Radiant Overseas and Dask Ukrainemedstrakh have neither sought for registration nor a licence from the Authority nor are registered with or licenced by this Authority to transact insurance business in India," Irda said.
During the course of the hearing leading to its order, Irda said, the director of Radiant Overseas also has an agreement with the Ukrainian company to issue certificates to policy holders.
"Further, from the documents submitted to the authority, it is noted that the said company collects money, from persons intending to visit Ukraine and Belarus, towards mediclaim insurance premium and transfers the money collected to the insurance companies-Ukrimedstrakh and Belgosstrakah," Irda said.
Irda has been keeping a close watch on insurance companies that are not registered with it but are still operating in the country.
In March, it warned public not to buy health insurance policies being offered by Bangaluru-based Aetna Healthcare Networks as the company is not registered with the regulator.
Similarly, it had warned public not to buy life insurance policies being offered by Mumbai-based Darwin Platform Life Insurance.
