A government-appointed panel, which had earlier proposed doing away with commission charged by insurance agents by 2011, on Wednesday said it is open to both the commission system and adviser fee during the intervening period.
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A government-appointed panel, which had earlier proposed doing away with commission charged by insurance agents by 2011, on Wednesday said it is open to both the commission system and adviser fee during the intervening period.
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“Immediately the upfront commissions embedded in the premium paid (to agents by insurance companies) be cut to not more than 15 per cent of the premium. This should fall to 7 per cent in 2010 and become nil by April 2011,” a consultation paper prepared by the committee had said.So where does this leave the Indian Insurance agents who are working hard to garner sales of policies for a commision check?
Proposed: Sales-fee is in and the premium percentage commision is out - good for the Indian insurance consumer and bad for the Indian insurance agent?