Remuneration to Insurance Intermediaries for Direct Insurance Business-New

• ~I~ \ll{tflq 'Q11IT fclf.11.11>1q, dtt'{ ffl sufuq,{OI .... INSURANCE REGULATORY AND ir.lai DEVELOPMENT AUTHORITY OF INDIA Ref No. IRDAI/BRK/ORD/MISC/ o .18'/01/2019 To 25th January, 2019 All Insurers & Insurance Intermediaries Re: Remuneration to Insurance Intermediaries for Direct Insurance Business- New & Renewal. It has come to the notice of the Authority that Insurers are paying remuneration to Insurance Intermediaries for new and renewal insurance business received by them directly. Therefore, in exercise of the powers conferred under sub-section (1) of Section 14 of Insurance Regulatory and Development Authority Act, 1999, the Authority hereby advises the Insurers not to book new/renew the business directly received from customer/insured in the name of the Insurance Intermediaries and shall refrain from remunerating them for such direct new/renewal business. Further, no Insurance Intermediaries shall receive remuneration from Insurers on insurance business directly received by the Insurer from the customer/insured. ~ (Sujay Banarji) Member(Distribution) ~;:j-_ 115/1 , ~~ . iiliiifi(l'11fl l, ~-500 032, ~ I Survey No. 115/1, Financial District, Nanakramguda, Hyderabad-500 032, India 6) : +91-40-2020 4000 ~ : www.irdai.gov.in 6) : +91-40-2020 4000 Website : www.irdai.gov.in