General insurance premium to cost more from April 1
New Delhi : Regulator Insurance Regulatory and Development Authority of India (Irdai) has given a go ahead for revision in commission for agents, which can surge the car, motorcycle and health insurance from April 1.
The change in premium after modification will be limited to +/- 5 per cent of the existing rates.
The increase will be in addition to the enhanced third party motor insurance rates, which too will come into effect from April.
The regulations, the regulator said, bring about certain revisions in commission/ remuneration rates and also introduce the reward system.
These may trigger insurers to revisit the pricing of their products in so far as the costing input relating to commission or remuneration is concerned, said the Insurance Regulatory and Development Authority of India.