Commission leak may give fillip to rebate culture

Following the move by the Insurance Regulatory & Development Authority (Irda) asking the life insurers to reveal the commissions they are paying to the intermediaries like agents and brokers for selling Ulips, life insurers apprehend that it would rise to rebate culture where a prospective customer would force the agents to share the commission with him. Insurers said that they are paying a commission between 2% to 14% to the agents for selling unit-linked insurance plans (Ulips). The insurers are yet to see any negative impacts of Sebi-Irda spat (over the issue of regulatory jurisdiction of Ulips) on their performance. ...

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