Two years back, IRDA observed that a company by the name M/S Darwin Platform Life Insurance and Finance Company Ltd Financial Services based in Mumbai has been claiming to be a unit of Darwin Platform Group, Netherlands and is offering insurance to the public.
On 23rd March 2010, IRDA issued a public notice cautioning the general public not to deal with this entity or its representatives since it was not licensed or registered by the IRDA. Recently, IRDA also noticed that Darwin Platform via its website www.darwinplifefin.com proclaims that they also offer protection and retirement solutions through life insurance.
IRDA back checked with The Darwin Platform Group, Netherlands who denied any association with this entity in India.
IRDA further has published on its website warning the masses that this company has not been licensed or registered by IRDA to sell insurance in any manner, i.e. as an insurer, an intermediary or as Third Party Administrator (TPA). As per the provisions of the Insurance Act, 1938 and IRDA Act, 1999, carrying on insurance business without obtaining the mandatory license or certificate of registration from IRDA is regarded as a violation of the said statutes for which appropriate action, civil or criminal and necessary action may be taken up by IRDA against such entity.
IRDA is repeatedly cautioning the general public not to deal with or to purchase or subscribe to any of the plans stated to provide life cover/life insurance benefit of M/S Darwin Platform Life Insurance and Finance Company Ltd Financial Services or through any person claiming to be its Agent/Advisor/Representative. Any person doing so would be acting at his/her own risk.