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IRDAI Tightens Grip on Insurance Commissions as Costs and Mis-selling Concerns Grow

IRDAI is concerned about the sharp rise in commission payouts by insurers, which has caused several companies to breach prescribed expense limits. The regulator believes excessive commissions can increase policy costs for customers and may encourage mis-selling of insurance products. In response, IRDAI has intensified scrutiny of insurers and is preparing new rules to bring agent commissions and rewards under tighter regulatory control.

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How Delays at Insurance Ombudsman Offices Hurt Policyholders

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Insurance ombudsmen were meant to provide quick and affordable relief to policyholders, but growing delays are defeating that purpose. Many consumers now wait months or even over a year for hearings and decisions, especially in major cities. Staff shortages and rising complaint volumes have worsened backlogs, leaving policyholders financially and emotionally strained when they need support the most.

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Why insurance is crucial for financial security? Know from insurance experts

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Insurance is crucial for financial security and because of the unfortunate COVID-19, there has been a substantial improvement in awareness. Despite understanding the importance of insurance, people tend to postpone purchasing a policy, often due to misconceptions about the costs or a belief that they can delay it without consequence.

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