The Insurance Regulatory and Development Authority of India has published an order against Nissan Renault Financial Services India Pvt. Ltd., a corporate agent, imposing an INR 10 million penalty under Section 102 of the Insurance Act, 1938 for violations of the MISP Guidelines issued by IRDAI. The order follows a September 2024 onsite inspection and subsequent enforcement proceedings. The breaches established after considering the inspection findings, the company's submissions and a personal hearing before a panel of whole-time members relate to governance, monitoring, contractual documentation, record maintenance for MISPs sponsored by the corporate agent, and compliance with applicable regulatory requirements. The competent authority also issued warnings and advisories on other compliance deficiencies, including premium remittance processes and grievance redressal arrangements. Nissan Renault Financial Services India has been directed to place the order before its board and submit an action taken report within the stipulated period.
Insurance Regulatory and Development Authority of India2026-06-04
Insurance Regulatory and Development Authority of India imposes INR 10 million penalty on Nissan Renault Financial Services India for MISP guideline breaches
The Insurance Regulatory and Development Authority of India has fined Nissan Renault Financial Services India Pvt. Ltd. INR 10 million under Section 102 of the Insurance Act, 1938 for violations of Motor Insurance Service Provider Guidelines identified during a September 2024 inspection. IRDAI found deficiencies in governance, monitoring, documentation, record maintenance and regulatory compliance, and issued warnings on premium remittance and grievance redressal. The company must present the order to its board and submit an action taken report.