Regulations for commission of insurance workers likely in Mar

Insurance regulator IRDAI today said final regulations for commission of insurance brokers are expected to be released by next month.

"A sub-committee has been formed which will decide on the quantum of cap on commission... Though the cap on commission and other remunerations for insurance brokers cannot be removed," Insurance Regulatory and Development Authority of India (IRDAI) Chairman T S Vijayan said here.

Asked if IRDAI is ready to discuss quantum of cap with the brokers, he said, "...Discussion is a continuous process... sub-committee is discussing all this. I hope to bring the final regulation by March."

Vijayan was here to release the report 'Vision 2025: Broker-Driving customer centric growth' at the Insurance Brokers' Association of India's (IBAI) 12th annual summit. The report was published in association with Ernst & Young.

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