Payment of Distribution Fees to Motor Insurance Service Provider

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WA S v i Rem Tl sz ‘l\ INSURANCE REGULATORY AND XX a@a?;::: irdei DEVELOPMENT AUTHORITY OF INDIA T, SEoRE e SIS ST SR/TH ST 083/03/2023 31 AT, 2023 Ref: IRDA/INT/CIR/MISP/083/03/2023 31t March, 2023 wfer To, Titex S STy Seeara gt AR STt ALL GENERAL INSURERS CARRYING ON MOTOR INSURANCE BUSINESS g diex Sur dar verdr S faaRor e ST Y Re: Payment of Distribution Fees to Motor Insurance Service Provider 1. seredl grR1 @Y sryar A Aemadf % gRY, S R |, R Yo & YA & ey 7 Feuf €. rdemiueg s uTdcheiua/umamTat/202/08/2017 f&i® 31 SFTR 2017 F SR Alex AT A1 yerar (HemEead) & fovg # o f5 R & srem v # IRT 15(5) Bt 3R @ S fevar T 1 Attention is drawn to Para 15(5) in Chapter V of Guidelines on Motor Insurance Service Provider (MISP) vide Ref No. IRDA/INT/GDL/MISP/202/08/2017 dated 31st August, 2017 on payment of distribution fees to the MISP directly by the insurer or by the insurance intermediary as the case may be. 2. ENRITAE (IR AT TR FAT ST BRAATA SATBarsi & Tae o) R, 2023 RAi® 26 W 2023 T4 ISR @HRE F1 ymam) fafam, 2023 RAi® 26 A 2023 @ RRET F uRUMRGEY, THETHGt B 3 e RaRur oo Gt 1 15(5)() B FEraR vl fomar s &: Consequent upon notification of IRDAI (Expenses of Management of Insurers transacting General or Health Insurance Business) Regulations, 2023 dated 26t March, 2023 and IRDAI (Payment of Commission) Regulations, 2023 dated 26" March, 2023, the Para 15 (5) (c) on the maximum distribution fees payable to MISP is replaced as under: HIATETET BT 37 AT Yeop ST & HHRE F YIAH F T S SrgHifed Hifa & srgER g “The distribution fees payable to MISP shall be as per Board approved policy for payment of commission of the insurer.” 3. THEEET Bl 3T IR0 Yoo § Ty ot acwe oiwst & foeme @t Sudy TG GRT 909 ol O &1 U, THemsTe ¥ Waftd will o Wi Ul B THTd} BT SR R The provisions in all the extant circulars relating to distribution fees payable to MISP are hereby withdrawn. However, all other relevant provisions relating to MISP shall continue to remain in effect. Survey No. 115/1, Financial District, Nanakramguda, Hyderabad-500 032, India @ : +91-40-20204000, Website : www.irdai.gov.in T3 . 151, BrgfEe Rz, TRFRET, §EXErE-500 032, 9RA ® : +91-40-20204000, m www.irdai.gov.in 4. g e TSR & SrAte & o e S g1 This is issued with the approval of the competent authority. T WRTIEYS (HAGT)/Chief General Manag UfafY: weTafeE, R e uive, gas CC: The Secretary General, General Insurance Council, Mumbai (Intermediaries)