Insurance regulator,
Insurance regulatory and Development Authority (IRDA) has notified Insurance
regulatory and Development Authority (Linked Insurance Products) Regulations,
2013 in which, Regulation (9) prescribes levels of commission under the linked
insurance products, said Sri Namo Narain Meena, Minister of State (Finance), in
Parliament on Tuesday.
In a written reply to a
question in Rajya Sabha, Sri Meena said, “Likewise, Commission norms in respect
of non linked products have been prescribed in Regulation (21) of Insurance
regulatory and Development Authority (Non-Linked Insurance Products)
Regulations, 2013.”
As per the data available
at IRDA, the first year premium of the life insurance business has dropped by
6.48% at Rs. 1,07,008.37 crore in fiscal year 2012-13, due to various factors
rooted in the economic environment.
Source: www.insuringindia.com
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