Disclosure Context
ICICI Lombard General Insurance Company Limited (Scrip Code: BSE: 540716/NSE: ICICIGI) has made a disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure pertains to an Order received from the Insurance Regulatory and Development Authority of India (IRDAI).
Order Details
The Company received an IRDAI Order dated September 7, 2026, at 6:31 p.m. This Order follows an onsite inspection conducted by IRDAI in September 2019 and subsequent Show Cause Notice dated July 8, 2024, and Supplementary Show Cause Notice dated December 17, 2024. The Company was provided opportunities for personal hearing and additional submissions before the Order was issued.
Nature of Order and Violations
The IRDAI Order levies a penalty of ₹1,00,00,000 (Rupees One Crore) on the Company. The penalty relates to certain aspects pertaining to outsourcing activities undertaken by the Company under Outsourcing Regulations, 2017 read with Corporate Governance Guidelines, 2016.
In addition to the monetary penalty, IRDAI has issued additional directions and advisories to the Company. The Company has been advised to comply with these directions/advisories within specified timelines.
Financial and Operational Impact
The Company has stated that the financial impact is restricted to the penalty amount of ₹1,00,00,000. No impact is expected on the operation or other activities of the Company.
Company Response
The Company is currently evaluating the Order and will take necessary actions accordingly. The information has been disclosed in compliance with SEBI Listing Regulations and will be made available on the Company's website at www.icicilombard.com.