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.
The DFS review also called for stronger performance monitoring, wider digital adoption and improved customer grievance handling across the state-owned insurers.
The proposed registry would give insurers access to richer claims, policy and risk data, helping improve underwriting accuracy, pricing discipline and portfolio management.
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