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Budget News

  • IRDAI has released a new draft on expenses
  • November 25,2022  12:18

  • The Insurance Regulatory and Development Authority of India (IRDAI) has announced a revised exposure draft on the expenses of management (EoM)) for non-life insurance companies and proposed to remove limits on payment of commission to insurance agents and intermediaries.

    Considering the views of the insurance industry, it has proposed to revise the limits to 30 percent and 35 percent of EoM for general insurers and private health insurers respectively.

    An earlier exposure draft issued on August 23 had proposed a 20 per cent cut in commission paid to agents and intermediaries of non-life and life insurance companies. It had proposed a 30 per cent cap on EoM for general insurance companies in an exposure draft released on August 1.

    The regulator has streamlined the expenses of management (EoM) guidelines for insurance companies and now proposes a blanket limit of 30 percent of gross written premium in India for general insurance companies and 35 percent for standalone health insurance companies in EoM.

    EoM includes operating expenses, commission to insurance agents and intermediaries and commission and expenses on reinsurance. EoM is currently in the range of 20 per cent to 37.5 per cent for non-life insurers. The additional allowable expenses within the overall expense cap now also include expenses incurred towards government schemes such as Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jan Arogya Yojana, Pradhan Mantri Fasal Bima Yoyaja (15 per cent) as well as expenses incurred towards promoting insuretech and insurance awareness of up to 5 per cent to widen customer reach.

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