The Insurance Advisory Committee will meet on Monday to finalise the commission structure. The recommendations of the advisory committee will be send to the board of the Insurance Regulatory and Development Authority of India (Irdai) which will take its final decision in its meeting scheduled for October 24.
Apart from the commission structure, Irdai is also keen on taking a decision with regard to providing second stage of licence (R2) to global re-insurers in the board meeting.
During the Assocham 9th Global Insurance Summit in Mumbai, Irdai chairman TS Vijayan had said, “There are five-six players that has approached Irdai and I think by January 2017 some of them will start coming in. I think R2 will be given in the next Irdai board meeting and they (foreign reinsurers) have to bring in capital to start working.”
