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IRDAI to Bring Big Changes to Insurance Commissions Structure to Stop Mis-selling
IRDAI is finalising new insurance commissions structure to curb mis-selling by bringing staggered compensation model spread across a policy's entire lifecycle, instead of huge upfront payouts. Driven by rampant consumer…
How IRDAI’s Upcoming Insurance Distribution Reforms Could Change the Industry
Big Changes Are Coming to Indian Insurance Scenario that will affect Customers, Agents and Companies. India’s insurance industry could be approaching a major Insurance Distribution Reforms as IRDAI prepares to…
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…
How Delays at Insurance Ombudsman Offices Hurt Policyholders
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…
Bima Sugam: The UPI Moment for India’s Insurance Industry
With the upcoming launch of Bima Sugam, India’s insurance sector is on the brink of a digital transformation. Bima Sugam is a unified, regulator-backed digital marketplace for insurance. Much like…
Indian Insurers Urge Government to Issue Zero-Coupon Bonds to Manage Long-Term Risks
Indian insurance companies have requested the introduction of zero-coupon bonds and other sovereign debt instruments to better manage long-term liabilities and expand their investment options, as reported by Bloomberg. This…
Insurance agents could soon tie up with multiple insurance companies
The Indian government has proposed amendments to the Insurance Act to allow agents to partner with multiple insurers across life, general, and health insurance categories, breaking the current restriction of…
Why insurance is crucial for financial security? Know from insurance experts
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…
Will ‘Sabse Pehle Life Insurance’ Campaign get attention?
The insurance industry has launched a similar initiative called "Sabse Pehle Life Insurance" aiming to boost life insurance penetration in India. The Life Insurance Council announced this campaign to enhance…
Purchasing health, vehicle, and other insurance will require KYC from January 1st
Sharing KYC documents was previously an option made while buying insurance. However, from 1st Jan 2023, the insurers will need to obtain KYC documentation from each of their separate clients.