{"id":399549,"date":"2026-10-23T13:00:42","date_gmt":"2026-10-23T07:30:42","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=399549"},"modified":"2026-10-23T12:17:12","modified_gmt":"2026-10-23T06:47:12","slug":"irdai-paper-recalibrating-economics-insurance-distribution-reforms-2026","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2026\/10\/23\/irdai-paper-recalibrating-economics-insurance-distribution-reforms-2026\/","title":{"rendered":"What could change in insurance distribution? IRDAI proposes major reforms; comments till 25 October"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\">On 23 September 2026, the Insurance Regulatory and Development Authority of India (IRDAI) issued a public consultation paper titled &#8220;<span style=\"font-weight: bold;\">Recalibrating Economics of Insurance Distribution<\/span>&#8221;, proposing wide-ranging reforms to insurance distribution architecture, commissions, expenses, market conduct, transparency and digital infrastructure.<\/p>\n<p style=\"margin-bottom: 3%;\">IRDAI has invited comments and suggestions from stakeholders and the public on the <a href=\"https:\/\/iib.gov.in\/dr\" target=\"_blank\">consultation paper<\/a> until <span style=\"font-weight: bold;\">25 October 2026<\/span>.<\/p>\n<p style=\"font-weight: bold;\">Key Takeaways:<\/p>\n<ol style=\"list-style-type: decimal;\">\n<li>\n<p>IRDAI has proposed wide-ranging reforms to insurance distribution with the objective of expanding insurance penetration, improving affordability, reducing distribution costs, promoting competition, improving transparency and bringing more uninsured citizens into the insurance ecosystem.<\/p>\n<\/li>\n<li>\n<p>The proposed reforms are aligned with the objectives of the <span style=\"font-weight: bold;\"><a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-9003059751\" target=\"_blank\">Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025<\/a><\/span>, which aims to strengthen policyholder protection, improve ease of doing business and facilitate growth of the insurance sector.<\/p>\n<\/li>\n<li>\n<p>IRDAI proposes to replace the current fragmented distribution architecture with <span style=\"font-weight: bold;\">three broad<\/span> categories:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>Insurance Distribution Entities (IDEs);<\/p>\n<\/li>\n<li>\n<p>Insurance Distribution Persons (IDPs); and<\/p>\n<\/li>\n<li>\n<p>Market Infrastructure Institutions (MIIs).<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p>The proposed distribution framework is based on the principle of &#8220;same structure, same functions, same norms&#8221;, ensuring entities with similar structures operate under a common regulatory framework.<\/p>\n<\/li>\n<li>\n<p>The consultation paper proposes:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>Simpler registration requirements;<\/p>\n<\/li>\n<li>\n<p>Lower entry barriers;<\/p>\n<\/li>\n<li>\n<p>Reduced capital requirements; and<\/p>\n<\/li>\n<li>\n<p>Lower regulatory fees for distribution entities.<\/p>\n<\/li>\n<\/ul>\n<ol style=\"list-style-type: decimal;\">\n<li>\n<p>Distributors may be permitted to undertake insurance as well as other financial and non-financial activities, creating additional business and income opportunities.<\/p>\n<\/li>\n<\/ol>\n<\/li>\n<li>\n<p>The proposed framework seeks to create clearer distinctions between open and closed distribution architectures, promote competition and reduce regulatory arbitrage.<\/p>\n<\/li>\n<li>\n<p>For life insurers, the <span style=\"font-weight: bold;\">Expense of Management<\/span> (EoM) limit is proposed to be linked to <span style=\"font-weight: bold;\">Gross Direct Premium Income<\/span> (GDPI) and reduced to:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>15% within two years; and<\/p>\n<\/li>\n<li>\n<p>12.5% within five years.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p>For general insurers, the EoM framework is proposed to shift from <span style=\"font-weight: bold;\">Gross Written Premium<\/span> (GWP) to domestic GDPI, with limits reducing from 30% of GWP to 20% of GDPI within five years.<\/p>\n<\/li>\n<li>\n<p>IRDAI has also proposed lower regulatory fees for insurers.<\/p>\n<\/li>\n<li>\n<p>The regulator believes reduced EoM costs could improve affordability and enhance policyholder returns in life insurance savings products.<\/p>\n<\/li>\n<li>\n<p>Instead of a uniform commission structure, commissions may be determined based on:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>Product complexity;<\/p>\n<\/li>\n<li>\n<p>Distribution channel;<\/p>\n<\/li>\n<li>\n<p>Line of business;<\/p>\n<\/li>\n<li>\n<p>Business segment; and<\/p>\n<\/li>\n<li>\n<p>Effort involved in selling and servicing the product.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p>Additional rewards may be permitted for the sale of insurance products in under-served rural and smaller urban markets.<\/p>\n<\/li>\n<li>\n<p>The consultation paper also proposes <span style=\"font-weight: bold;\">cost audits and safeguards against indirect payments<\/span> to improve accountability in distribution expenses.<\/p>\n<\/li>\n<li>\n<p>Insurers and large distribution entities may be required to publicly disclose commission policies and commission structures in a simple and accessible manner.<\/p>\n<\/li>\n<li>\n<p>Customers would be provided greater visibility into the distribution costs that form part of insurance pricing.<\/p>\n<\/li>\n<li>\n<p>The proposals seek to curb mis-selling by:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>Documenting customer needs and suitability;<\/p>\n<\/li>\n<li>\n<p>Including direct and indirect remuneration within the definition of commission;<\/p>\n<\/li>\n<li>\n<p>Linking policy sales to individual sellers;<\/p>\n<\/li>\n<li>\n<p>Publicly reporting mis-selling incidents; and<\/p>\n<\/li>\n<li>\n<p>Introducing commission claw-back provisions in cases of mis-selling.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p>The paper also proposes restrictions on volume-linked and reward-linked incentives for bank and NBFC employees selling insurance products.<\/p>\n<\/li>\n<li>\n<p>The consultation paper recognises <span style=\"font-weight: bold;\">Market Infrastructure Institutions<\/span> (MIIs) as digital, pull-based distribution platforms for insurance.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Bima Sugam<\/span> has been identified as one such digital infrastructure institution.<\/p>\n<\/li>\n<li>\n<p>The proposals envisage greater use of the Public Insurance Registry (PIR) to improve transparency, portability, comparison and operational efficiency.<\/p>\n<\/li>\n<li>\n<p style=\"margin-bottom: 3%;\">The proposed reforms seek to create a customer-centric, competitive, efficient and transparent distribution ecosystem, while improving policyholder outcomes, reducing costs and supporting greater insurance penetration.<\/p>\n<\/li>\n<\/ol>\n<p style=\"margin-bottom: 3%;\">Also Read: <a href=\"https:\/\/www.scconline.com\/blog\/post\/2024\/03\/27\/irdai-notifies-irdai-insurance-products-regulations-2024-legal-news\/\" target=\"_blank\">IRDAI (Insurance Products) Regulations, 2024<\/a><\/p>\n<p style=\"margin-bottom: 3%;\">[IRDAI Public Consultation Paper 2026, dated 23-9-2026]<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p style=\"font-style: italic;\">IRDAI has released a consultation paper proposing a comprehensive restructuring of insurance distribution by simplifying distribution architecture, recalibrating commissions and expenses, strengthening consumer safeguards, curbing mis-selling and expanding digital platforms such as Bima Sugam.<\/p>\n","protected":false},"author":67525,"featured_media":399550,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,1193],"tags":[117843,117842,117839,117844,117845,117837,117841,117838,117840],"class_list":["post-399549","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-expense-of-management-reforms","tag-insurance-commissions","tag-insurance-distribution-reforms","tag-insurance-intermediaries","tag-insurance-sector-consultation","tag-irdai-consultation-paper-2026","tag-public-insurance-registry","tag-recalibrating-economics-of-insurance-distribution","tag-sabka-bima-sabki-raksha-amendment-of-insurance-laws-act-2025"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.1 (Yoast SEO v28.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>IRDAI proposes Recalibrating Economics of Insurance Distribution | SCC Times<\/title>\n<meta name=\"description\" content=\"IRDAI&#039;s Recalibrating Economics of Insurance Distribution paper proposes reforms to commissions, expenses and transparency; 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