Insurers Should Compete On Price, Not Commission

Business Standard · business

The Chairman of the Insurance Regulatory and Development Authority of India (Irdai), Ajay Seth, stated that insurers should compete based on price rather than distributor commissions. He clarified that recent proposals for insurance distribution norms are not final and will consider stakeholder feedback. The reforms aim to monitor insurance growth, affordability, distribution reach, and policyholder experience. These changes are intended to foster a more competitive market focused on consumer benefits.