Irdai to review 650-plus replies on insurance commissions
In short
Irdai has received more than 650 responses to its September 23 consultation paper on insurance commissions. It extended the deadline by a week because of the large number of replies.
The industry is waiting for draft rules and then the final version. The reporting does not say when those rules will be issued.
What the reporting says
Irdai is set to review more than 650 responses to its September 23 consultation paper on insurance commissions. The regulator had extended the deadline by a week after the feedback surge on tighter commission limits, changes to expense-of-management rules and a new distribution architecture. The next step is draft guidelines, followed by a final framework, but the exact timeline is not stated in the available reporting.
Why it matters
Irdai is weighing more than 650 responses to its September 23 consultation paper, which proposes tighter commission limits, changes to expense-of-management rules and a new distribution architecture. The regulator had already extended the deadline by a week. Insurers and distributors are now waiting for draft guidelines and then the final framework, but the reporting does not specify the outcome or timing.