PTI|
Updated: Mar 26, 2017,
01.45 PM IST
NEW
DELHI: Car, motorcycle and health insurance will cost more from April 1 with
regulator IRDAI giving go-ahead to insurers for revision in commission for
agents.
The change in premium after modification will be
limited to +/- 5 per cent of the existing rates.
The increase will be in addition to the enhanced
third party motor insurance rates, which too will come into affect from April.
The IRDAI (Payment of Commission or Remuneration or Reward to Insurance Agents and
Insurance Intermediaries) Regulations, 2016 comes into effect from April 1,
2017.
The regulations, the regulator said, bring about
certain revisions in commission/ remuneration rates and also introduce the
reward system.
These may trigger insurers to revisit the pricing of their
products in so far as the costing input relating to commission or remuneration
is concerned, said the Insurance Regulatory and Development Authority of India
(IRDAI).
However, the change in premium due to the new
regulations should be "limited to +/- 5 per cent of the existing premium
rates of products/add-ons", it said.
Further, insurers will have to give a
certificate that there is "no detrimental change" in premium rates or any other provision of policies
already sold.
No comments:
Post a Comment