Irdai to weigh 650+ responses on insurance commissions

What happened: IRDAI received more than 650 responses to its September 23 consultation paper on tighter commission limits, expense-of-management rules and a new distribution architecture. The industry awaits draft guidelines and the final framework. Key numbers: 650+ responses; credit life commission proposed to fall to 2% from 40%; expense limits reduced over five years; brokers say revenue could fall Why it matters: Insurers and intermediaries expect the rules to reshape distribution arrangements and business models, while stakeholders have raised concerns over revenue and job losses.

IRDAI received more than 650 responses to its September 23 consultation paper on tighter commission limits, expense-of-management rules and a new distribution architecture. The industry awaits draft guidelines and the final framework.

Insurers and intermediaries expect the rules to reshape distribution arrangements and business models, while stakeholders have raised concerns over revenue and job losses.