The IRDAI passed an order against ICICI Lombard General Insurance after conducting an onsite inspection conducted during September 2019 and subsequent enforcement proceedings.
Hyderabad:The IRDAI on Monday, has imposed a monetary penalty of Rs one rore on ICICI Lombard General Insurance as the insurer has violated outsoucing regulations.
The fine has been imposed under Section 102 of the Insurance Act, 1938, for violations of provisions of the IRDAI (Outsourcing of Activities by Indian Insurers) Regulations, 2017, and the Guidelines on CorporateGovernance for Insurers in India, said the IRDAI..
The IRDAI passed an order against ICICI Lombard General Insurance after conducting an onsite inspection conducted during 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 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, said the IRDAI.
IRDAI remains committed to ensuring robust governance standards, policyholder
protection, transparency and accountability across the insurance sector. The Authority
will continue to take appropriate supervisory and enforcement action wherever
regulatory violations are observed, clarifid IRDA,