IRDAI chairman Ajay Seth said insurers should pass savings from lower commissions and operating costs to policyholders through lower premiums, better returns or improved claims payouts. The regulators proposed tighter limits on commissions and expenses aim to improve affordability, curb mis-selling and reduce compulsory bundling.
The Economic Times
Original source
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The Indian Banks’ Association (IBA) and the United Forum of Bank Unions (UFBU) held a meeting at 9:30 pm on Saturday to discuss key issues concerning bank employees and officers. After detailed deliberations, both sides agreed to form a high-level committee to examine the issue of declaring the remaining Saturdays as holidays. Committee To Explore Options On Saturday Holidays The committee will deliberate on the matter, explore all possible alternatives and consult stakeholders to work out a solution acceptable to all parties, particularly bank customers. The issue of Saturday holidays has been a key demand of bank employees’ unions. Bank strike deferred after the meeting between the Indian Banks' Association (IBA) and the United Forum of Bank Unions (UFBU) tonight. pic.twitter.com/SPJUwp63p2 — ANI (@ANI) September 27, 2026 PLI Scheme For Senior Officers The meeting also discussed the Performance Linked Incentive (PLI) Scheme for Scale IV and above officers. It was agreed that discussions would begin with the IBA proposing modifications to the government to address observations raised by unions and associations regarding the scheme. Residual Issues To Be Resolved The IBA and UFBU also agreed to discuss the residual issues listed in the minutes dated March 8, 2024, with the aim of resolving them expeditiously. Proposed Agitations, Strikes Deferred In view of the agreements reached during the meeting, the UFBU agreed to defer its proposed agitational programmes and strike actions. A detailed circular on the decisions taken during the meeting is expected to follow.
IRDAI’s proposed caps on distribution commissions may face industry resistance after removal of earlier caps. The aim of the proposal is to push more funds into coverage rather than commissions to address issues of mis-selling. Disentangling the incentive structures into discrete components is a genuine requirement. Insurers with lower costs are expected to benefit. This will shape industry feedback to IRDAI's consultation paper.
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