The Insurance Regulatory and Development Authority of India (IRDAI) has imposed ₹1 crore penalty on Edelweiss Life Insurance Company for violation of corporate governance norms.
According to an order issued by the insurance regulator, the insurance company was also directed to categorise certain transactions as outsourcing in accordance with the Regulations as applicable and report the same to the Authority.
The company should also put in place an outsourcing policy duly approved by the Board with a provision of periodic review along with a vendor management policy with clear standard operating procedures for cost allocations.