The Insurance Regulatory and Development Authority of India (IRDAI) has slapped a hefty penalty of ₹1 crore on Royal Sundaram General Insurance.

The Insurance Regulatory and Development Authority of India (IRDAI) has slapped a fine of ₹1 crore on Royal Sundaram General Insurance for violating outsourcing norms. An inspection revealed that the insurer failed to report payments exceeding ₹1 crore made to vendors in its outsourcing returns submitted to the regulatory body in 2018-19 and 2019-20. The penalty was imposed following the findings of the inspection team, which discovered that the insurer had also neglected to provide adequate explanations and information sought by the team during the inspection period.