IRDAI Proposes Capping Motor Insurance Commissions for New Vehicles
· Business · NDTV, Economic Times
The Insurance Regulatory and Development Authority of India has proposed revising commission caps for new-vehicle motor insurance. Under the draft norms, remuneration for third-party insurance premiums would be set at nil. Commissions for own-damage and related covers would be capped at 5 percent. The regulatory shift aims to lower policy costs for vehicle owners while reshaping distribution economics for insurance providers. The proposed framework is open for stakeholder review before final implementation.
Why it matters
Vehicle owners across India could see lower motor insurance premiums once the revised commission structures take effect. Insurance intermediaries and agents face reduced commission payouts on new-vehicle policies.
Read the original report — NDTV
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