What is Insurance Regulatory and Development Authority of India (Irdai) ?

Insurers and distributors have warned that the changes could constrain near-term growth, hit distributor revenues and affect employment

From commission-free insurance plans to fee-only advisers and public complaint records, four reforms could improve transparency, curb mis-selling and help policyholders make informed choices

What electronic trading exchanges and central depositories did for capital markets in 1996, and credit bureaus did retail banking in 2000s, Bima Sugam and PIR are set to do for the insurance turf now

Insurers want a mandatory 10 per cent co-pay on retail health policies for lower premiums, but with non-payable costs, policyholders could end up paying 15-19 per cent of hospital bills.

The effective dates under consideration are Jan. 1 and April 1, Girija Subramanian, an executive at the Insurance Regulatory and Development Authority of India, said

ICRA expects the impact of proposed commission caps and expense limits to become more visible in FY28, with health and life insurers and smaller players facing greater pressure

LIC and private life insurers drive strong new business premium growth, while general and health insurers lift non-life premiums despite a sharp decline in crop insurance collections

From the RBI's shift to calibrated tightening and health-insurance copayments to India's tax reform journey, aviation security, today's opinions examine policy trade-offs and institutional change

Insurance copayment will not address deeper problems

Governor Sanjay Malhotra says the RBI will submit comments on Irdai's draft commission framework, which proposes product-level caps and lower management expense limits

Insurance brokers have sought a deeper assessment of Irdai's proposed distribution reforms, warning of a 60-70 per cent revenue impact and around 1 million jobs at risk

The Insurance Regulatory and Development Authority of India proposed the rules as part of a discussion paper in late September and invited stakeholders to submit feedback by October 25

The brokers' body said proposed commission caps and lower expense limits could hurt employment and competition while reviving unethical business practices

ACKO CEO Animesh Das said uniform EoM limits across companies could restrict growth opportunities for smaller and newer insurers

Irdai seeks tighter controls on insurers' costs and commissions

Brokers say lower payouts may not necessarily translate into cheaper premiums and could instead squeeze servicing economics, trigger consolidation, and weaken insurance distribution

Irdai Chairman Ajay Seth says proposed insurance distribution reforms are not final and stakeholder feedback will be considered before draft regulations are issued

Bank targets RoA of 1.25-1.30% over two years, but Jefferies says a 30% reduction in bancassurance fee income could lower profits by around 5%

Brokers' body says proposed commission caps and lower expense limits could lead to job losses, weaken independent distribution and hurt insurance access in smaller towns.

PB Fintech and Turtlemint Fintech Solutions witnessed heavy selling pressure in recent days after Irdai proposed an overhaul of insurance distribution rules.