The Insurance Regulatory and Development Authority of India (IRDAI) has proposed that customers should be able to access insurance product details, including prices, without first sharing their phone numbers, email addresses or other personal information with insurers and distributors.

The regulator is also proposing changes to commissions, insurer expenses, mis-selling rules and the structure of insurance distribution.

IRDAI has proposed restructuring life insurance commissions to lower first-year limits and tie remuneration to product types, channels, and service efforts. Additionally, it plans to gradually reduce Expense of Management (EoM) limits over five years to 12.5 per cent for life insurers and 20 per cent for general insurers.

For customers, one of the most immediate changes could be the ability to check insurance prices and product details without handing over contact information. IRDAI's expectation is that lower distribution costs should eventually benefit policyholders.

Source:- https://www.business-standard.com/industry/news/irdai