IRDAI may offer insurers limited transition before commission caps
The Insurance Regulatory and Development Authority of India (IRDAI) is thinking about giving insurance companies a reasonable transition period before proposed commission caps are implemented.
Chairman Ajay Seth said it is still gathering feedback from the industry, but made it clear that any extra time would be strictly limited: no endless delays.
IRDAI seeks commissions reflecting policyholder value
IRDAI wants these reforms to happen on schedule, with Seth saying, "any transition will be designed so that it does not become an indefinite postponement or lead to undesirable intermediate outcomes."
The goal is to make sure commissions actually reflect value for policyholders and encourage long-term coverage, not just quick sales.
There is also talk of temporary support for smaller insurers and new tools like a Public Insurance Registry, all aimed at making things fairer and more transparent for everyone buying insurance.