Money & Banking

Be transparent in rewards to agents: IRDAI

Hyderabad | Updated on April 06, 2020

IRDAI has asked insurers to ensure transparency in payment of rewards to insurers.

“It is observed that the board approved policy for the payment of rewards to insurance agents and intermediaries lacks transparency,” TL Alamelu, Member - Distribution, IRDAI, said in a circular sent to all insurers.

The policy of rewards should specify a specific portion or rewards reasonably allotted to commission/remuneration to the individual insurance agents and intermediates subject to an overall limit in a consistent manner, she added.

Published on April 06, 2020

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