INSURANCE COMMISSION NEED TO BE DISCLOSE BY ONLINE PLAYERS, INDIA

COMMISSION RATES NEED TO BE DISCLOSE

According to the report, IRDAI may soon consider a proposal that seeks to have a single limit for expenses made by insurance companies including operating expenses, commissions, rewards, etc. Moreover, under the proposed rules, web aggregators will have to disclose their charged commission rates and rewards that they are qualified to receive from insurance companies for selling their policies, products, and plans.

Currently, in accordance with the continuous endeavor towards promoting ease of doing business for insurance companies in India, IRDAI has allowed separate limits for expenses at the business level and for operations, commissions, and rewards.

It is expected that this proposal may bring transparency and customer protection and also reduce the misselling of products which will enable insurers to better focus their efforts with the ultimate goal of improving coverage and penetration.

SOURCE:- IRDA

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