Insurance Brokers Oppose IRDAI Reforms, Project 70% Revenue Loss

by · Inc42

SUMMARY

  • Addressing a press briefing, the industry body said that the insurance distribution sector could see the loss of up to 10 Lakh jobs lost as a result of the impact of the proposed norms
  • IRDAI has proposed reintroducing product-wise commission caps for insurance distributors and tighter limits on insurers’ overall expenses
  • The industry body has also sought an extension of the deadline to submit feedback on the proposed norms to December-end from October 25 currently