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Regulation of Commission Rate to Insurance Sales Agents

The Insurance Regulatory and Development Authority (IRDA) has notified Insurance Regulatory and Development Authority (Linked Insurance Products) Regulations, 2013 wherein, Regulation (9) prescribes levels of commission under the linked insurance products. Similarly 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 informed by the IRDA, the  position regarding first year premium of the life insurance business in the last three years,  is as follows:-

Year First Year Premium (in Crs) % Growth

2010-11

126398.18

15.02

2011-12

113942.17

-9.85

2012-13

107008.37

-6.48

The recent negative growth may be attributed to factors rooted in the economic environment.

This was stated by Minister of State for Finance, Shri Namo Narain Meena in written reply to a question inRajya  Sabha today.

Tags: Development AuthorityIndiaIndo-Asian News ServiceInsuranceInsurance Regulatory and Development AuthorityIRDARegulationRegulatory

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