Seth says IRDAI reforms need consensus first
In short
Ajay Seth said insurance distribution reforms will happen only after people agree on them. The summary also said he worried that portability is concentrated in a few entities and that commissions may affect customer choices.
This matters because it could affect how people move between insurers and how agents are paid. The report does not say what exact reforms are planned or when they would start.
What the reporting says
Ajay Seth said distribution reforms will be implemented only after consensus, according to a BusinessLine Money & Banking summary. The report also says he flagged portability as concentrated in a very small set of entities and suggested commissions may influence customer behaviour. The immediate consequence is continued debate over market structure, but the source does not specify the reform package or timing.
Why it matters
Ajay Seth, identified in the summary as Seth, said IRDAI will only implement distribution reforms after consensus. The reporting also says he raised concerns that portability is concentrated in a very small set of entities and that commissions may be shaping customer behaviour. No specific reform measures, vote or deadline are given in the source.