MUMBAI: India's insurance regulator is seeking to reform how distributors are paid in an effort to rein in mis-selling, and plans to propose commissions be paid out over the life of a policy instead of in large upfront payments, two sources said.
The revamp is part of a broad review by the Insurance Regulatory and Development Authority of India (IRDAI) and also aims to reduce high distribution costs in one of the world's fastest-growing insurance markets, according to the sources who have knowledge of the discussions between the regulator and the industry.
