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IRDAI has clarified that it has not taken any decision on disclosure of commission of intermediaries like agents and brokers on a policy document.
The insurance regulator further clarified that it will consult all stakeholders before making any decision.
IRDAI said, “The authority has not taken any decision on this matter. Furthermore, the authority will hold extensive consultations with all stakeholders before any such decision is taken.”
This has come after a working group comprising members of Life Insurance Council and General Insurance Council recommended IRDAI to make it mandatory for insurers to disclose commission of intermediaries on the policy document.
IRDAI said, “It has come to the notice of the authority that concerns are being expressed in some quarters regarding mandatory disclosure of commissions on the policy documents. The concerns emanate from certain recommendations made by working groups constituted by the insurance councils.”
