IRDAI extends insurance consultation to October 31 2026 after glitch
India's insurance regulator, IRDAI, is giving everyone until October 31, 2026, to share their thoughts on big proposed changes to the insurance industry.
The deadline was pushed back after a tech glitch made it tough for some voices to be heard.
So far, 650 comments have come in, and IRDAI hopes to roll out the new rules by January 2027 or April 2027.
Insurers and agents oppose commission changes
The proposals, especially around agent commissions and company expenses, aren't sitting well with many in the industry.
Some smaller insurers want a slower rollout so newer companies aren't hit too hard.
Meanwhile, life insurance agents are asking for higher commissions and smoother transitions so their earnings don't take a sudden dip.
They're also worried that rushed changes could lead to job losses or more aggressive selling tactics.