IRDAI mandates insurers to file returns on payment of commission to the Insurance agents
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- Last Updated on 29 March, 2023
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Notification no. IRDAI/Reg/2/190/2023, Dated 26.03.2023
The Insurance Regulatory and Development Authority of India (IRDAI) has notified the IRDAI (Payment of Commission) Regulations, 2023 which shall come into force from 01.04.2023.
As per the new norms, all insurers must submit to the Authority, the Board-approved returns regarding the payment of commission by the insurer to the Insurance agents, Intermediaries within 45 days of the end of each financial year.
Further, every insurer must have a written policy for the payment of a commission, which must be approved by its Board. The approved policy must be reviewed periodically.
Additionally, the total commission payable for life insurance products must not exceed the Expense of Management (EOM) limits specified under the IRDAI (Expenses of Management of Insurers transacting Life insurance business) Regulations, 2023.
Also, the total commission payable for general insurance products, including health insurance products offered by both general insurers and health insurers must not exceed the EOM limits specified.
Click Here To Read The Full Notification
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