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IRDA has reinstated the five per cent special discount which it had discontinued last year. However, the discount would be available only for companies with a paid-up capital of above Rs 3 crore, without any distinction between private and public sector entities. The discount could be extended by the insurers in lieu of agency commission or brokerage. It cannot be clubbed along with either of these elements.
This special discount would be available only for tariff-driven business. Also if the brokerage or corporate agents wished to offer discounts, they would have to do so from their own agency commissions.
The regulator has also revised these commissions. For corporates up to a paid-up capital of Rs 3 crore, the agency commission has been fixed at 10 per cent and the brokerage at 12.5 per cent. For corporates with a paid-up capital in excess of Rs 25 crore, the agency commission/brokerage has been fixed 6.25 per cent and 7.5 per cent respectively.
.... Click to read more about Insurance Regulatory & Development Authority (IRDA)
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