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9 September 2026

IRDAI penalty on ICICI Lombard

The topic involves the enforcement actions of IRDAI, a statutory regulatory body, which is a direct syllabus theme relevant to understanding regulatory oversight and accountability in the financial sector.

1 min read 1 questions 1 prelims

Notes

  • IRDAI imposed a penalty of ₹1 crore on ICICI Lombard General Insurance Co.
  • The penalty was issued for violations of the IRDAI (Outsourcing of Activities by Indian Insurers) Regulations, 2017.
  • The insurer also violated the Guidelines on Corporate Governance for Insurers in India.
  • The regulatory action was based on findings from an onsite inspection conducted in September 2019.
  • IRDAI issued additional advisories regarding specific compliance deficiencies identified during the inspection.

Questions

  1. Discuss the role of the Insurance Regulatory and Development Authority of India (IRDAI) in ensuring corporate governance and regulatory compliance within the insurance sector. 150 words
    Attempt this — 150 words in 8 min
    0 / 150 words 8:00

Prelims

  1. The IRDAI (Outsourcing of Activities by Indian Insurers) Regulations, 2017, are primarily aimed at:

Syllabus

Topics

Sources

250words.in · https://250words.in/daily/2026-09-09/irdai-penalty-on-icici-lombard