IRDA has specified detailed rules and regulations for offering of commission to Insurance Agents. As per Law no commission/rebate can be offered to any customer. However the Corporate Insurance Agents are blatantly violating IRDA rules and offering rebate to customer officially.
A reputed corporate insurance Agent has recently advertised that it is offering 17.5 commission on car insurance on its website. They are offering discounts on Snapdeal for giving the rebate to customers. IRDA please wakeup and check these malpractices.
Some companies are advertising to give 50% rebate officially. It seems they have no respect for regulations.
Lets save the Insurance Industry from any 2G or Coalgate scam.
