The Insurance Regulatory and Development Authority of India (IRDAI) reportedly received more than 650 comments and extended the consultation deadline to Oct. 31, giving stakeholders six extra days, NDTV Profit reported Saturday.
NDTV Profit attributed the deadline change and comment count to an Oct. 24 IRDAI release. The outlet said the regulator presented the extra time as a way to broaden participation. The reported change updates EconoTimes’ earlier account of the consultation, which listed Oct. 25 as the deadline.
IRDAI’s Sept. 23 consultation paper proposes commission ceilings that vary by insurance product and sales channel. It also outlines phased revisions to insurers’ expense limits, three groups for distributors and commission recovery in mis-selling cases. The measures remain proposals.
NDTV Profit reported that brokers warned reduced commissions could make intermediaries less willing to sell some products. It also said bancassurance participants questioned whether the proposed limits reflect customer service and compliance costs. The Insurance Brokers Association of India had sought a deadline at the end of December, Moneycontrol reported Oct. 6.
IRDAI’s consultation materials say comments can be submitted through the portal, by uploading its Excel template there, or by emailing the completed template to drfeedback@iib.gov.in. The reported deadline is Oct. 31.
