Indian brokers oppose IRDAI plan to limit insurance commissions
Indian insurance brokers are not thrilled about the Insurance Regulatory and Development Authority of India's (IRDAI's) plan to limit commissions for brokers, agents, and banks.
The changes, proposed in late September 2026, are meant to lower costs for people buying insurance, but the Insurance Brokers Association of India (IBAI) says these rules could bring some serious downsides.
Feedback on the proposal is open until October 25.
Brokers association warns of job losses
IBAI warns that capping commissions could put at least 1 million jobs at risk over a five-year period and might even encourage shady practices such as hidden fees.
They also worry that any savings may not actually reach customers but instead just boost profits for company owners.
IBAI suggests holding off on these reforms until at least 2028 to avoid shaking up the industry too soon.