Current Affairs - Finance - Discussion

ICICI Lombard was fined ₹1 crore by the Insurance Regulatory and Development Authority of India (IRDAI) for regulatory non-compliance related to outsourcing practices, vendor management, and corporate governance. The lapses were identified during an IRDAI inspection covering the company’s operations in 2019. The insurer failed to properly classify and report event management services involving agents of other insurers as outsourced activities. During FY19, ICICI Lombard had spent ₹709.57 crore under sales, marketing and business support, including around ₹35-37 crore paid to agents of other insurers without proper documentation or classification in its Outsourcing Returns.