Insurance Regulatory and Development Authority of India (IRDAI) is all for the continuation of the limit on commission and other payment paid to insurance brokers, but not averse to revisiting the quantum.
“There has to be regulatory limit. It is there for public good”, IRDAI chairman T.S.Vijayan said. He was addressing a summit organized by the Insurance Brokers Association of India (IBAI) on Wednesday.
Highlighting the need for expense management of insurers being available in the public domain, he said the authority, however, was open to talk about the quantum of the cap. His statement came in the backdrop of the draft regulations on the subject IRDAI has revealed recently.
Mr.Vijayan, speaking about the queries, said that the discussions were a nonstop process and a sub-committee has also been formed to look into the issues. The final regulation is expected by March.
The premium in the non-life segment alone is slated to touch Rs.4 lakh crore in 2025 (from Rs.83,048 crore in 2014-15), the report said.