Chennai, March 17 (IANS) The Insurance Regulatory and Development Authority (IRDA) Wednesday warned the public not to subscribe to any healthcare plans sold by the Bangalore-based Aetna Healthcare Networks (India) as it is not licensed to sell insurance plans.

The insurance regulator has said Aetna Healthcare operating from Vittal Malya Road in Bangalore is selling health insurance and collecting money from the applicants subscribing to the same.

'Therefore, the issuance of such health insurance plans without obtaining the mandatory license or certificate of registration from the IRDA in terms of provisions of the Insurance Act, 1938 and the IRDA Act, 1999 amounts to a violation of the said statutes for which appropriate action, civil or criminal under the Insurance Act and the IRDA Act may be taken up by the IRDA against such company,' IRDA has said.

The insurance regulator has warned the public 'not to deal with or to purchase or subscribe to any of the plans stated to provide medicare health cover or life insurance benefit of the said company or through any person claiming to be its agent/advisor/representative. Any person doing so would be acting at his/her own risk.'