Insurance premium to go up from 1st April
Posted on: 27/Mar/2017 12:24:52 PM
Starting from 1st April, motorcycle, car and health insurance premium is likely to go up, as the IRDAI (Insurance Regulatory and Development Authority of India) has given nod to the insurers for revising agent commission.
From the existing rates, the revised commission will be 5 percent plus or minus, according to the regulatory. The IRDAI Regulations 2016 will be brought to effect starting from 1st April 2017. There is also an increase in third party motor insurance rate that will come into effect from April too.
The commission or remuneration rates will be revised, as per what the IRDAI has stated. A reward system will also be introduced.
Furthermore, the insurer needs to provide certificate that no detrimental change is imposed on the premium rates and there is no selling of provision of policies.
