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Apr 01, 2017

IRDAI Issues Clarifications on Remuneration Regulations Pertaining to Insurance Agents / Intermediaries

IRDAI had previously issued certain clarifications in respect of the IRDAI (Payment of Commission or Remuneration or Reward to Insurance Agents and Insurance Intermediaries) Regulations, 2016 (‘Reward Regulations’). A plain reading of Regulation 5(f) of the Reward Regulations appeared to suggest that insurers are restricted from paying commission or remuneration that is higher than the lowest of commission levels prescribed / approved under the following: (a) the Reward Regulations; or (b) the IRDAI (Linked Insurance Products) Regulations, 2013; or (c) the IRDAI (Non Linked Insurance Products) Regulations, 2013; or (d) the Guidelines on Product Filing Procedures for General Insurance Products, as applicable to general insurers. IRDAI has now clarified that the maximum rate of commission or remuneration payable by an insurer must not exceed the lower of either: (i) the maximum specified in the Reward Regulations, or (ii) any other rate of commission or remuneration approved by IRDAI under any other regulations or guidelines.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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