Vehicle insurance to get cheaper: IRDAI moves to regulate commission
The Insurance Regulatory and Development Authority of India is taking steps to control the high commissions in the vehicle insurance sector which will reduce premiums.
auto Nov 06 2024
Author: Deepu Mohan Image Credits:Getty
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IRDAI intervenes
Insurance Regulatory and Development Authority of India to reduce commissions.
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No high commissions
High commissions paid by insurance companies to service providers increase premiums.
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Commission up to 57%
Insurance companies pay up to 57% commission for own damage cover.
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New online system for control
Bima Sugam online portal under IRDAI will launch in April next year.
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Direct policy purchase
Vehicle owners can directly purchase policies without commission agents.
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Dealers' involvement restricted
Unauthorized interventions by vehicle dealers in the insurance market will be controlled.
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No coercion of owners
Dealers will be prevented from forcing vehicle owners to buy insurance from specific companies.