ICICI Lombard slapped with ₹1 cr penalty by IRDAI over governance lapses
The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty of ₹1 crore on ICICI Lombard General Insurance. The fine relates to breaches concerning corporate governance, internal control systems, vendor verification, and outsourcing practices. This regulatory action stems from an on-site audit conducted in September 2019. Following the inspection, the regulator reviewed the company's responses and held a hearing before confirming the violations. Additionally, the IRDAI has provided formal advisories to the insurer regarding issues with unallocated premiums.
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