[Update] IRDAI Extends Feedback Deadline For Insurance Distribution Reforms To Oct 31
The Insurance Regulatory and Development Authority of India extended the feedback deadline for its proposed insurance distribution reforms to October 31 after receiving over 650 comments. The reforms propose changes to commission structures and expense limits, but the Insurance Brokers Association has warned they could trigger a 60-70% revenue collapse and eliminate up to 10 lakh jobs in the distribution sector.
Key points
- IRDAI extended feedback deadline for insurance distribution reforms to October 31
- Received over 650 stakeholder comments on proposed changes to commissions and expense limits
- Brokers association warns of potential 60-70% revenue decline and up to 10 lakh job losses
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