Millennium Post

Irda fines ICICI Lombard for breaking laws

Insurance sector regulator Irda has slapped a penalty of Rs 50 lakh on general insurer ICICI Lombard for violating various norms during financial years FY11, FY12, FY13 and FY14. The Insurance Regulatory and Development Authority (Irda) has asked ICICI Lombard General Insurance Co to pay the fine within 15 days of the order issued today.

' directed under the respective charges, the penalty of Rs 50 lakh shall be remitted to Insurance Regulatory and Development Authority (Irda) within a period of 15 days from the date of receipt of this order,' it said in its order. The insurer has been penalised for showing wrong entry, breaching lower limit of government securities, showing different documents for same policy, violating file and use guidelines and norms for reimbursement of infrastructure cost. 'The investment pattern as on 13 February, 2009 shows that the government securities and other guaranteed securities including central government securities are at 28.87 per cent instead of minimum required 30 per cent,' it said.
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