IRDAI/INT/ED/REG/…/11/2022 Date: 23.11.2022
Insurance Regulatory and Development Authority of India (Payment of Commission)
exposure Draft on IRDAI (Payment of Commission or Remuneration or Reward to
Insurance Agents and Insurance Intermediaries) Regulations 2022 was put on the
website on 23.08.2022 for the stakeholder’s comments.
IRDAI had one to one meetings with stake holders (CEO’s of insurance companies,
Brokers, Corporate Agents, IMF’s, Web Aggregators and Associations Individual
Agents and Development Officers etc.) with regard to mentioned Regulations on
comments received from various
stakeholders on the said exposure draft and
one to one discussions with various
IRDAI (Payment of Commission or Remuneration or Reward to Insurance Agents and
Insurance Intermediaries) Regulations 2022 is revised to IRDAI (Payment of
Commission) Regulation 2022.
4. Considering the major
changes carried out in the revised draft Regulations, it has been decided to
place the said draft regulations on IRDAI website, for stakeholder’s comments.
5. The revised draft
regulations emphasize on the Board’s oversight through a Board approved policy
on the payment of commission whereby due consideration is to be placed on
interest of the policyholders and the insurance agents and intermediaries and
insurance intermediaries while also enhancing the performance of the insurance
agents and intermediaries or insurance intermediaries.
6. The objective of
revised draft Regulations is to:
enhance responsiveness of the regulation
to market innovation.
facilitate the insurers in development
of new business models, products, strategies, internal processes.
enable in easy compliance with the
Regulations while fulfilling the regulatory objectives.
provide the insurers the flexibility to
manage their expenses based on their growth aspirations and the ever-changing
improve insurance penetration.
7. All the stakeholders
are requested to submit their comments/ suggestions, if any, on the proposed
draft regulations in the given format on or before 5.00 PM of 14th December,2022
to firstname.lastname@example.org with a copy to email@example.com.
FORMAT FOR SUGGESTION’s
IRDAI (Payment of Commission) Regulations, 2022
Comments / Change