ICICI Lombard fined ₹1 cr for vendor, governance violations by IRDAI

IRDAI has fined ICICI Lombard General Insurance ₹1 crore for violations involving outsourcing, vendor checks, internal controls and corporate governance. The action followed an on-site inspection in September 2019 and subsequent proceedings, with the regulator confirming violations after reviewing the insurer's submissions and hearing. IRDAI also issued advisories over unallocated premiums.