ICICI Lombard Receives ₹1 Crore Penalty from IRDAI over Outsourcing Norms

New Delhi: ICICI Lombard General Insurance Company Limited (BSE: 540716 | NSE: ICICIGI) has informed the stock exchanges that it has received an order from the Insurance Regulatory and Development Authority of India (IRDAI) imposing a penalty of ₹1,00,00,000 (Rupees One Crore).

The order is dated 7 September 2026 and was received by the Company at 6:31 p.m. on the same day. The disclosure was made on 8 September 2026 under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

What the Order Says

IRDAI had conducted an onsite inspection of the Company in September 2019. Following this, the Company received:

• Show Cause Notice dated 8 July 2024

• Supplementary Show Cause Notice dated 17 December 2024

After considering the Company’s submissions and a personal hearing, IRDAI issued the final order levying the penalty with respect to certain aspects of outsourcing activities undertaken under the Outsourcing Regulations, 2017 read with the Corporate Governance Guidelines, 2016.

IRDAI has also issued additional directions and advisories to the Company, which must be complied with within the specified timelines.

Financial and Operational Impact

The Company has clarified that:

• The financial impact is limited only to the ₹1 crore penalty.

• No impact is expected on the operations or other activities of the Company.

Company’s Response

ICICI Lombard stated that it is evaluating the Order and will take the necessary actions accordingly.

The full details have been made available on the Company’s website at www.icicilombard.com.

This is a regulatory disclosure related to past outsourcing practices. The penalty amount is modest relative to the size of the Company, and management has indicated there is no expected disruption to ongoing business.