Clarification – IRDAI Regulations-Payment of Distribution Fees to MISP

IRDAI vide Circular ref no IRDA/INT/CIR/MISP/083/03/2023 dated March 31, 2023 has issued a clarification with respect to applicability of IRDAI (Expenses of Management of Insurers transacting General or Health Insurance Business) Regulations, 2023 dated March 26, 2023 and IRDAI (Payment of Commission) Regulations, 2023 dated March 26, 2023 to the distribution fees payable to Motor Insurance Service Provider (MISP) for solicitation of motor insurance business.

Highlights of the Circular are as follows:

• The distribution fees payable to MISP shall be as per Board approved policy for payment of commission of the insurer
• The provisions in all the extant circulars relating to distribution fees payable to MISP stands withdrawn

Source category: IRDAI

Attachments

• /2023/178_Payment_of_Distribution_Fees_to_Motor_Insurance_Service_Provider_(1).pdf