Ajay Seth, IRDAI chief, in 'listening mode' on insurance reforms
Ajay Seth, head of India's insurance regulator (IRDAI), says he's in "listening mode" as he reviews feedback on big changes to how insurance is sold in India.
The new proposals (announced last month) suggest capping commissions by product and channel, expense ceilings that tighten over five years from FY28, and making the licensing process for intermediaries simpler.
You now have until October 31 to share your thoughts.
Brokers flag concerns, IRDAI chief responds
Insurance Brokers's Association of India worry these reforms could mean job cuts and less competition, and they've even flagged their concerns to the prime minister.
Seth responded by pointing out that reducing high commissions (currently averaging 24% in health insurance) could help lower premiums and make coverage more accessible.
He also stressed that with thousands of insurance products out there, transparency is key so people can actually understand their options.
Plus, these changes are expected to push the sector toward digital upgrades, making buying insurance smoother for a large part of the public.