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Policy● Neutral for SBI Life Insurance
Insurers seek softer landing on Irdai commission cuts in meet with chief
The brief
- Ajay Seth met insurers over IRDAI commission cuts
- Insurers sought a glide path on commissions and differentiated EoM limits
- Commission changes may affect listed insurers and insurance distributors, including SBI Life and HDFC Life
- Insurance mis-selling is arising because upfront commissions are too high: IRDAI chairman Ajay Seth
- ‘Each comment with a rationale will be carefully considered’: Ajay Seth
IRDAI’s proposed insurance distribution reforms
IRDAI proposed phased cuts to insurers’ expense limits, commission caps and a ban on compulsory insurance bundling with loans. The proposals triggered sharp falls in insurance stocks, while insurers sought a glide path on commissions and differentiated expense limits; IRDAI also called for LIC and SBI Life to improve cost efficiency.
Monday, 28 September
- Insurers seek softer landing on Irdai commission cuts in meet with chief