The partners say the policy is Australia's first pay-per-kilometre rideshare cover, pairing a fixed private-use premium with one linked to distance driven on Uber.
The penalty relates to ICICI Lombard's failure to document ₹7.10bn (US$75.1m) of sales, marketing and business support spending in FY2019, part of which went to agents of other insurers.
Both agencies said the benefit will hinge on how the five state-owned (re)insurance groups deploy the money, with heavier equity investment raising asset risk.