Comments
The Insurance RegulatoryDevelopment Authority (IRDA) has framed guidelines for life insurance products to be sold through common service centres (CSCs).
The products to be marketed through the common service centre distribution model shall be separately pre-fixed with the word CSC to clearly distinguish these products as exclusive CSC products while filing for the product approvals, the regulator said in a communication to the life insurers.
The maximum commission in the first year (at the time the product is sold) should not be more than 5 per cent of the premium paid in the first year.
“There shall not be any commission payable from the second year onwards and also on the top-up premiums,’’ the circular said. The service charges shall be a fixed amount for every activity that would be undertaken, it added.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.