ICICI Lombard Fined ₹1 Cr by IRDAI for Outsourcing Violations
ICICI Lombard General Insurance Company Ltd has received an order from the Insurance Regulatory and Development Authority of India (IRDAI) imposing a penalty of ₹1 Crore. The penalty is related to certain aspects of outsourcing activities undertaken by the company, specifically concerning the Outsourcing Regulations, 2017 and Corporate Governance Guidelines, 2016. The IRDAI conducted an inspection in September 2019, followed by show cause notices and personal hearings. The company has been issued additional directions and advisories by IRDAI, which it must comply with within specified timelines. ICICI Lombard stated that the financial impact is limited to the penalty amount and no operational impact is expected.
Key Highlights
- IRDAI imposes ₹1 Crore penalty on ICICI Lombard.
- Penalty relates to violations in outsourcing activities.
- Company received additional directions from IRDAI.
- No significant operational impact expected.
- Disclosure made under SEBI Listing Regulations.
Price Impact
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