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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.The order follows an on-site inspection in September 2019 and subsequent enforcement proceedings. Based on the findings of the inspection, the submissions made by the insurer, and the personal hearing conducted before a panel of two full-time members, certain violations relating to outsourcing of activities, vendor selection and due diligence, record maintenance, internal controls, governance and compliance with applicable regulatory requirements were established, IRDAI said on Monday (September 8, 2026) .The insurer has been directed to place the order before its Board and submit an action taken report within the stipulated period, the insurance regulator said. Published - September 08, 2026 11:02 pm IST
