IRDA General Insurance Premium

Can you tell me in detail about the Maximum percentage of premium payable as agency commission or brokerage under General Insurance Business as decided by IRDA (Insurance Regulatory and Development Authority)?

[sumit]

The details about the Maximum percentage of premium payable as agency commission or brokerage under General Insurance Business as decided by IRDA (Insurance Regulatory and Development Authority) are as follows:

Class of Business Maximum percentage of premium payable as agency commission or brokerage (% of final premium excluding service tax)

S. No. Agency Comm. Brokerage

1 Fire, IAR and Engineering insurances 10% 12.50%

i. General
ii. Risks treated as large risks under 5% 6.25%
para 19(v) of File & Use Guidelines

2 Motor insurance business (OD portion),
WC/EL & statutory Public Liability Insurance 10% 10%

3 Motor Third Party insurance Nil Nil

4 Marine Hull insurance 10% 12.50%

5 Marine Cargo business 15% 17.50%

6 All other business 15% 17.50%

Commission on General Insurance Business