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.
First overhaul of the Insurance Law in more than a decade would also broaden insurers' permitted investments and lift fines to as much as 10 times illegal gains.
China Life, PICC, China Taiping, Sinosure, and China Re will take up to CNY70bn (US$10.4bn) of a CNY360bn recapitalisation that also covers three state banks.
Commercial lines and higher sums insured are supporting premium growth, while conservative asset allocation is helping insurers absorb equity-market volatility.
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