IRDA’s order for suspending Sastry signed by Raja K Sinha , member, Distribution, IRDAI has said he has admitted the financial misconduct but didn’t mention the exact nature of the misconduct
Hyderabad: In a first ever case, the IRDA has suspended one of junior officials, Suryanarayana, Sastry, assistant manager, for his financial misconduct.
Sources say there are charges of Rs 18 crore fund embezzlement against Sastry .
However IRDAI’s order for suspending Sastry signed by Rajay K Sinha , member,Distribution, has said he has admitted his act of financial misconduct but didn’t mention any details and the exact nature of the misdeed.
The order has been issued on Aug 21.
This large scale embezzlement must have taken place over a period of time. What are the checks and balances in the Regulator set up? How long this remained under the carpet. It also can not be one man adventure?
It can not happen without involvement of top like members and chairman of IRDAI. This matter should be investigated by CBI. These financial system regulators have become den of corruption. In my opinion a proper forensic audit should be conducted in the functioning of IRDAI to bring the real culprits to book
Not an atom bomb news. This is common in Govt. But it is sad that it is happening in a RB. Many in IRDAI came from GICs. IRDAI is unable to control health insurance exploitation, corruption in claims, underwriting, unnecessary expenditure in TA DA in insurance cos. They may not be directly its mandate. It is not active like SEBI or RBI. Nothing revolutionary is noticed. Edelweiss Insurance is misselling and cheating customers. It may default on commitments to customers. It should get merged with HDFCL Insurance. Overhead, hidden, non-insurance costs are too high. Returns in Insurance are the worst. Unnecessary glamourization of new policies.
It only shows the so-called Regulatory Body in poor light. The IRDAI has less than 350 employees & it doesn’t have proper checks & controls !!
Very sad state of affairs indeed !!
The nature of complaint should be made public and there should be proper set right mechanism. Public should have confident IRDAI
IRDAI is not functioning as Regulatory authority for Insurance companies. In case of complaint against Insurance companies, it should verify the Complaint, forward to Insurance company and ensure genuine grievance resolved. It should instruct the insurance company to settle the claim rejected fvg Police holder. But here IRDAI functions like Post man. Never reads the grievance or reply. An AI Robo Will do it. Better close IRDAI. Especially staffs in Grievance redressal department of IRDAI, to do a postman job, lacs of rupees as salary wasted. Better close IRDAI.
The officials of IRDA draw more salaries and perks than the public sector insurance companies which sustain IRDA by paying the annual fee.
It is very sad that some employees are so greedy to embezzle money.
No employee of Irdai is replying, I have been calling and mailing for quite some time but no one is listening to me.
IRDAI. also conducting audits on Insurance Companies and Brokers. is also a farce. I have seen serious irregularities, financial and non-financial, being overlooked by IRDAI audit team. Should I presume corruption as the factor for deliberate ignorance
Ok
He may be the fall guy. No junior employee is empowered enough to sign off that kind of amount.
They all are taking money under the table and allow the insurance company for do arbitrary claim denials,hike of premium and embezzle hard earned money of retail agent’s.
Blatant violation of no survey limit by private insurance companies and then going scot free also needs be looked into. This has given rise to litigations and distrust among insured public.
IRDAI has bunch of Officials who care indifferent to policyholders. Consultants can visit IRDAI like its their maternal uncle home but securities do not allow a policyholders.. what officials are doing when this much money could be siphoned, why should CBI not raid these officials home to check what are their real assets?
I have also been duped for 2cr. in the name of the IRDAI during corona period, filed the case in Delhi on people who were telling they are IRDAI employees. Some are not traceable now .
Care health insurance is rejecting claims about hundreds of crores of policyholders!!A report published by TOI in Nov.24 ,care insurance is rejecting 33 percent claims!Will IRDAI look into the matter ,or cheating will continue with lacs of innocent policyholders,!!