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IRDAI extends deadline for feedback on insurance distribution reforms to October 31

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IRDAI extends deadline for feedback on insurance distribution reforms to October 31

IRDAI extends deadline for feedback on insurance distribution reforms to October 31

Regulator receives over 650 comments on its two-part consultation paper proposing changes to the economics of insurance distribution.

The Insurance Regulatory and Development Authority of India ( IRDAI ) has extended the deadline for submitting feedback on its proposed insurance distribution reforms by a week to October 31, following an encouraging response from stakeholders, with over 650 comments received so far. IRDAI's commission overhaul may deter new insurance agents.

The regulator had released a two-part consultation paper, titled ‘Recalibrating Economics of Insurance Distribution’ , on September 23, seeking views from policyholders, insurers, intermediaries, the public and other stakeholders on the proposed changes. The consultation aims to foster a more efficient and inclusive insurance distribution ecosystem , with the feedback expected to inform further examination and refinement of the proposed reforms. Advt

In a press release, IRDAI said the extension was intended to facilitate wider participation in the consultation process, given the significant interest shown so far. Stakeholders can submit their comments through the dedicated web portal at https://iib.gov.in/dr. They can also download the prescribed Excel template from the portal, complete it and upload it online, or email the completed template to drfeedback@iib.gov.in with the subject line “Reforms for Recalibrating Economics of Insurance Distribution”. The regulator said all other details and terms of the consultation paper remain unchanged.

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