IRDAI Proposes Cap on Motor Insurance Commissions for New Vehicles

India's insurance regulator IRDAI has put forward a proposal to limit agent remuneration on motor insurance policies for new vehicles. Under the plan, commissions on third-party premium covers would be capped at zero percent. For own-damage and related covers, the proposed cap stands at 5%. The move is aimed at reducing costs for vehicle owners while potentially expanding their choices in the insurance market.
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