The Insurance Regulatory and Development Authority of India imposed an INR 10 million penalty on ICICI Lombard General Insurance Co. Ltd. after establishing violations of requirements governing outsourced activities and corporate governance. The action followed an onsite inspection in September 2019 and subsequent enforcement proceedings. The violations concerned vendor selection and due diligence, record maintenance, internal controls, governance and broader regulatory compliance. The authority also issued advisories over unallocated premiums and delays in processing free look cancellation requests, and directed the insurer to place the order before its board and submit an Action Taken Report within the stipulated period.
2026-09-07Insurance Regulatory and Development Authority of India
Insurance Regulatory and Development Authority of India fines ICICI Lombard INR 10 million over outsourcing and governance violations
The Insurance Regulatory and Development Authority of India fined ICICI Lombard INR 10 million for outsourcing and corporate governance violations identified following a September 2019 inspection. The insurer must place the order before its board and submit an Action Taken Report, while also addressing deficiencies involving unallocated premiums and delayed free look cancellations.