IRDAI Order of 23.1.2025 – penalty of Rs.1 crore – Violation of Outsourcing of Activities Regulations, 2017.
The Insurer Royal Sundaram General Insurance Co. Ltd made substantial payment to the vendors, they did not report to the Authority under Regulation 21 of IRDAI (Outsourcing of Activities by Indian Insurers) Regulations, 2017, due to the erroneous classification of such activities as not outsourcing.
The insurer’s failure to report payments for outced financial commitments violates disclosure requriements and may indicate an attempt to evade regulatory scrutiny. This lack of transparency raises concerns about the governance gaps, while also limiting the Authority’s capacity to evaluate outsourcing risk.
रॉयल सुंदरम जनरल इंश्योरेंस कंपनी लिमिटेड के मामले में आदेश _ Order in the matter of Royal Sundaram General Insurance Co. Ltd.pdf
