IRDAI imposes a ₹1 crore penalty on ICICI Lombard General Insurance
The Insurance Regulatory and Development Authority of India (IRDAI) has fined ICICI Lombard General Insurance ₹1 crore for regulatory violations. The penalty follows an inspection that uncovered issues with outsourcing, vendor due diligence, and internal governance.
Why it matters
This enforcement action highlights the regulator's commitment to tightening compliance standards within the Indian insurance sector to protect policyholders.
The Insurance Regulatory and Development Authority of India has directed ICICI Lombard General Insurance Co. to pay a ₹1 crore penalty for violations of the provisions of the IRDAI (Outsourcing of Activities by Indian Insurers) Regulations, 2017 and the Guidelines on Corporate Governance for Insurers in India.
It also issued advisories to the private general insurer, in respect of certain compliance deficiencies, including matters relating to unallocated premium and delays in processing of free look cancellation requests.
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