The Insurance Regulatory & Developmental Authority of India (IRDAI) has removed the limit on insurance product-wise commissions paid to agents or intermediaries by insurance companies. The payable commission will now come under the expense of management (EOM) limits set by the insurance regulator.
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*Tax benefit is subject to changes in tax laws. Standard T&C Apply
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The IRDAI has directed all general, life and standalone health insurance companies to make sure that the payable commission should not exceed the specified EOM limits. The EOM limit will help insurers to maintain cost discipline and ensure better parity across various business models.
The insurers will also have to set up a Board-approved policy for the payment of commissions. The new regulations on insurance commissions will come into effect from April 1, 2023.
As per IRDAI, the new regulations on insurance commissions will offer flexibility to insurers to manage their expenses vis-à-vis their growth aspirations and dynamic insurance needs for better insurance penetration in India.
Moreover, the new regulation is also expected to increase the responsiveness of insurance companies to the regulation of market innovation. It will also enable insurers to develop new products, strategies, business models & internal procedures and facilitate easy compliance.
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