Regulation of commission rate to insurance agents

India Infoline News Service | Mumbai |

According to IRDA data, the first year premium of the life insurance business in 2012-13 was 6.48% down at Rs. 1.07 trillion

The Insurance Regulatory and Development Authority (IRDA) has notified Insurance Regulatory and Development Authority (Linked Insurance Products) Regulations, 2013 wherein, Regulation (9) prescribes levels of commission under the linked insurance products.

Similarly Commission norms in respect of non linked products have been prescribed in Regulation (21) of Insurance Regulatory and Development Authority (Non-Linked Insurance Products) Regulations, 2013.

As informed by the IRDA, the position regarding first year premium of the life insurance business in 2012-13 was 6.48% down at Rs. 1.07 trillion, while in 2011-12 it was 9.85% down at Rs. 1.14 trillion and in 2010-11, it was 15% up at Rs. 1.26 trillion.
 

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