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ICICI Securities Report
Insurance Regulatory and Development Authority of India made a number of announcements over the past week. Key features:
introduction of an overall ‘expense of management' limit in life as well as non-life insurance with no sub-limits on commission;
introduction of the insurer's Board policy on commission structure including distribution fees to motor insurance service providers;
registration of two new life insurers, namely Acko Life Insurance, and Credit Access Life Insurance;
introduction of product management committee to review the products submitted under ‘use and file'.
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