Caps on commission and other remunerations for insurance brokers cannot be removed, according to TS Vijayan, Chairman, Insurance Regulatory and Developnent Authority of India.
He was speaking at the 12th insurance brokers' summit here on Wednesday.
"There had to be a regulatory limit for the public good and to ensure trust in the customer," he said.
However, the regulator is ready to discuss the quantum of cap in the light of draft regulations released recently.
The draft regulations allow commission up to about 15 per cent which varies from segment to segment.
