IRDAI’s Distribution Reforms: Commission on general insurance products to be slashed from 30% to 20%, 12.5% for life over 5 yrs

Greater transparency would be required from insurers and large distribution entities, which would have to disclose commission policies and structures in a simple and accessible manner. Specified commercial insurance policies would also carry commission disclosures, giving customers greater visibility into distribution costs embedded in premiums, said the IRDAI. The proposals would also prohibit volume- or