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ARTICLE · 01 FEBRUARY 2016

Commission & Remuneration To Insurance Agents & Intermediaries: Poised For Change

Tuli & Co
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The insurance statutory and regulatory framework has, historically, strictly restricted the amount of commission or remuneration that can be paid to insurance agents and insurance intermediaries (such as insurance brokers, corporate agents, web aggregators and insurance marketing firms) for the solicitation and procurement of insurance business.

IndiaInsurance
Celia Jenkins
Celia Jenkins
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The insurance statutory and regulatory framework has, historically, strictly restricted the amount of commission or remuneration that can be paid to insurance agents and insurance intermediaries (such as insurance brokers, corporate agents, web aggregators and insurance marketing firms) for the solicitation and procurement of insurance business. Apart from overall commission caps contained in §40A of the Insurance Act 1938, regulations and guidelines applicable to insurance intermediaries such as the IRDAI (Insurance Brokers) Regulations 2013, the IRDAI's Licensing of Corporate Agents Guidelines of 14th July 2005 and the IRDA (Web Aggregators) Regulations 2013 also placed restrictions on the commission/remuneration that could be paid to insurance intermediaries for placing insurance business.

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