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ICICI Lombard under IRDA scanner for alleged irregularities

Press Trust of India  |  New Delhi 

Private insurer ICICI Lombard has come under the scanner of regulator for alleged irregularities involving several crores in implementation of government sponsored schemes meant for poor people.

The vigilance department of the Regulatory and Development Authority (IRDA) is looking into such complaints in Shilpi Swasthya Bima Yojana (RGSSBY), Weather Insurance Scheme, Shetkari Apghati Durghatana Bima Yojana and Panjikrut Kishan Durghatana Bima Yojana, according to a letter written by IRDA to on its ongoing probe.

The IRDA is carrying out a "focused inspection" with respect to these schemes, said the letter.

In a related development, had on Wednesday registered a Preliminary Enquiry (PE) against ICICI Lombard for allegedly colluding with officials of government and Union Agriculture and Textiles ministries and pocketing claims of non-existing farmers and artisans.

When contacted, the company had said that it had diligently honoured claims in the schemes despite suffering huge financial losses.

"The company, during or after enrolment of beneficiaries, had initiated investigation on its own, through its in-house investigation function as part of its continuous monitoring process.

"Wherever any discrepancy was observed, the company on its own approached the concerned government body, sought necessary advise and promptly acted upon the advise so received," the company had said in a statement.

First Published: Fri, March 14 2014. 16:48 IST