Former IRDAI Members Back Commission Rule Revamp After 'Big Mistake'

• Former IRDAI members Thomas Devasia and Nilesh Sathe advocate revisiting insurance commission rules.
• They argue the 2021 repeal of commission regulations led to higher payouts and weaker oversight, calling it a 'big mistake'.
• Government and IRDAI are preparing to release new draft regulations following changes in the Insurance Amendment Bill.
• Sathe suggests clear commission caps for easier enforcement, expecting final rules within three to four months.
• Devasia emphasizes defining 'reasonable' commissions, balancing distribution costs, and monitoring mandatory products.

Why It Matters: Former IRDAI members advocate for new commission rules to boost transparency and lower customer costs.