Irda asks insurers for info on bank commission

Sectoral watchdog Insurance Regulatory and Development Authority (Irda) on Thursday asked insurance companies to provide information on commission paid to the banks for selling policies. In order to analyse the impact of various payments made to banks on the premiums and balance sheets of insurers, Irda has decided to call for the required information, Irda said in a note to all insurers. The authority said it is receiving number of representations regarding the structure of payments of commission to the banks acting as corporate agents. The issue needs detailed examination to ascertain sustainability of the business through bancassurance channel and ...

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