The insurance regulator has received more than 650 comments on its proposals to revise expense limits and commission structures for insurers and distributors
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
Retail protection growth and a favourable product mix are expected to support life insurers' Q2FY27 profitability, while higher claims ratios could weigh on general insurers.
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
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
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.
Analysts say PB Fintech's core online insurance revenue could take a nearly 30 per cent hit, though cost optimisation and higher volumes could cushion the impact
PB Fintech may explore manufacturing insurance products by seeking a licence as it assesses the impact of Irdai's proposed commission cuts on its distribution business
The regulator proposes phased cuts to insurers' expense limits, new commission caps and a ban on compulsory bundling of insurance with loans to lower costs and curb mis-selling
Calculate the internal rate of return, assess surrender costs and make sure the long-term premium commitment fits your goal before opting for guaranteed-benefit insurance products
From policy and claims records to intermediary and grievance data, Irdai's proposal sets out what the registry could connect and how access would be controlled
