IRDAI may extend feedback deadline on insurance distribution reforms
India's insurance regulator, IRDAI, is thinking about giving more time for feedback on its proposed distribution reforms that aim to change how insurance is sold and how agents get paid.
The original deadline was October 25, 2026, but it might be pushed back so everyone gets a better say.
Insurers have sought a phased rollout or a longer implementation window beyond the start of the next financial year (April 1, 2027; FY 2027-28).
IRDAI seeks commission caps, industry concerned
IRDAI wants to cap what insurers spend on commissions and cut costs, especially for selling through banks, which can get pricey.
But industry leaders are worried these limits could hurt their business and say figuring out true distribution costs isn't easy.
Banks are also checking how these changes might hit their income, while brokers plan to raise concerns all the way up to the prime minister.