प्रेस विज्ञप्ति / Press Release

Insurance Regulatory and Development Authority of India Press Release | 7th September 2026

Order in the matter of ICICI Lombard General Insurance Co. Ltd.

The Insurance Regulatory and Development Authority of India (IRDAI) passed an

Order against M/s ICICI Lombard General Insurance Co. Ltd. (‘Insurer’), pursuant to 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 Whole-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.

After due consideration of the facts and submissions, the Competent Authority imposed a monetary penalty of Rs. 1 crore (Rupees One Crore only) 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 Corporate Governance for Insurers in India.

The Competent Authority also issued advisories in respect of certain compliance deficiencies, including matters relating to unallocated premium and delays in processing of free look cancellation requests.

The insurer has been directed to place the Order before its Board and submit an Action Taken Report (ATR) within the stipulated period.

The detailed order is available at https://irdai.gov.in/web/guest/document- detail?documentId=9819555 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.