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Insurance regulator removes cap on commission payments to agents

Posted On: Mar. 31, 2023 9:49 AM CST

The Insurance Regulatory and Development Authority of India has removed the upper cap on the payment of commissions to insurance agents and brokers, but has still retained an overall cap on expenses of management of insurers, Business Insider India reported. Sanjiv Bajaj, managing director, Bajaj Capital Insurance Broking Ltd., the move will accelerate product innovation and boost customer-centricity.