Category
🗞
NewsTranscript
00:00Vehicle insurance to get cheaper, Urdh. I moves to regulate commission.
00:07The Insurance Regulatory and Development Authority of India is taking steps to control the high commissions in the vehicle insurance sector which will reduce premiums.
00:16Urdh. I intervenes. Insurance Regulatory and Development Authority of India to reduce commissions.
00:26No high commissions. High commissions paid by insurance company is to service providers increase premiums.
00:36Commission up to 57%. Insurance company is pay up to 57% commission for own damage cover.
00:46New online system for control. Bhima Sugam online portal under Urdh. I will launch in April next year.
00:55Direct policy purchase. Vehicle owners can directly purchase policies without commission agents.
01:04Dealers involvement restricted. Unauthorized interventions by vehicle dealers in the insurance market will be controlled.
01:13No coercion of owners. Dealers will be prevented from forcing vehicle owners to buy insurance from specific companies.