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IRDA Chairman J Harinarayan Vigilance Investigation Started For Making Loss To Nation

 
  India RTI News Exclusive  
  26 Nov 2013  
 
 
   
   
   
   
   
   
   
   
   
   
 

Insurance regulator of India ie. IRDA Chairman J Harinarayan facing vigilance investigation by vigilance officer Mukesh Sharma since March 2012. In 2011-2012 RTI activist Sapan Shrivastava made complaints that 1.ICICI Prudential Life has ban 3rd party policy surrender without IRDA approval.(RTI Reply)
2.Agreement to appoint  Insurance agent of ICICI Prudential Life was not approved by IRDA, and terminating agents using this agreement.(RTI Reply)
3. Insurance companies are terminating IRDA agents illegally and sucking their renewal commission and making loss to nation by denying service tax and TDS.
He made so many request to IRDA chairman  to take action in public interest. As more than 50 lacs agents has been terminated by insurance companies from 2006-2012 by IRDA annual report . In RTI reply insurers have no power to terminate / delete the agents, So how IRDA is silent in this big issue? These 50 lacs agents are generating Rs40000 cr renewal commission per year and govt. is losing Rs10kcr in the form of service tax and TDS.  Due to agent termination, policy lapsation cases increase and the lapsed policy charges ie foreclosure charges are going to insurance companies pocket. But in public interest IRDA chairman J Harinarayan  never took action and never replied by email. So RTI activist registered complaint to vigilance officer Mukesh Sharma to take action against J harinarayan for making profit to insurance companies and ignoring national interest. But Mukesh Sharma was also not replying against IRDA chairman complaint. By giving the ultimatum that the complaint will be forwarded to CBI , he confirm the action to be started against complaint on 02 March 2012. Till now vigilance department is protecting J Harinarayan and not taking any action. Now the RTI activist is planning to move CBI in multi corer Insurance scam.

India RTI News is doing further investigation to know the status of investigation of Ex chairman J Harinarayan.

 
     
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