IBAI President urges insurance reforms to protect intermediary commercial viability

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The IBAI President has urged that proposed insurance distribution reforms must preserve the commercial viability of intermediaries, warning that unsustainable distribution would directly hurt insurance penetration.
He noted the broking industry has grown to over 840 brokers, employing nearly 50,000 professionals and accounting for about 42 per cent of general insurance gross written premium.
He argued commissions should not be singled out, as regulation now uses an overall expenses-of-management framework, and said debate should focus on total expenses.
On health insurance, he called for a durable mechanism to address medical inflation and hospital billing practices.

Final regulatory data framework on perpetual broking licences awaited from the regulator.
Outcome of dialogue among insurers, hospitals and stakeholders on healthcare pricing and disputes.
Final shape of the proposed insurance distribution reforms and their impact on intermediary viability.

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Named India · Hospitals · Insurers · Insurance Brokers Association of India · Narendra Kumar Bharindwal

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