Irdai fines ICICI Lombard Rs 1 crore for outsourcing, vendor management lapses

The Insurance Regulatory and Development Authority of India has imposed a ₹1 crore penalty on ICICI Lombard General Insurance for lapses in outsourcing, vendor management and corporate governance. The regulator said the insurer failed to classify event management services involving agents of other insurers as outsourced activities or report related expenses.