The Insurance Regulatory and Development Authority (IRDA) has fined private non-life insurer ICICI Lombard General Insurance Company Ltd. Rs.50 lakh for various violations, the regulator said.
The penalty order signed by IRDA chairman T.S. Vijayan has ordered the insurer to pay the fine within 15 days and the penalty amount be debited to the shareholders' account.
The regulator has penalised ICICI Lombard for violating the file and use guidelines, absence of adequate internal controls and others.
The penalty order has been put up on IRDA's website Friday.