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  • IA-3.1 IA-3.1 Remuneration

    • IA-3.1.1

      Remuneration in any form paid to insurance aggregators by insurance firms must be in compliance with the following provisions:

      a) No fee can be charged to the insurance firm for listing its products;
      b) Proposals which are converted into sale of insurance policies will entitle the insurance aggregator to earn commission as applicable to insurance brokers;
      c) Insurance aggregator can provide other services to insurance firms in respect of policies procured through them. In such instances, the insurance firm may pay the insurance aggregators, reasonable service charges at mutually agreed rates in the service agreements with the insurance aggregators.
      October 2019

    • IA-3.1.2

      The insurance aggregator, if requested by a prospective client, must disclose the amount of remuneration it receives as a result of effecting insurance for that client.

      October 2019