- The Insurance Regulatory and Development Authority of India extended feedback deadline to October 31
- Over 650 comments have been received on the consultation paper so far
- The extension aims to allow wider participation from stakeholders and the public
The Insurance Regulatory and Development Authority of India has extended the deadline for feedback on its consultation paper on distribution reforms to October 31.
In a release on October 24, IRDAI said, "The consultation has received an encouraging response, with over 650 comments received so far. In view of the significant interest and to facilitate wider participation, the last date for submission of comments has been extended till 31st October 2026, providing additional time to stakeholders and members of the public to submit their feedback and suggestions."
This development was first reported exclusively by NDTV Profit, stating that the regulator is open to considering stakeholder requests for an extension, and may grant one selectively to market intermediaries.
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IRDAI had earlier set a deadline of October 25 for feedback on consultation paper. The proposals, set out in IRDAI's Sept. 23 consultation paper ‘Recalibrating Economics of Insurance Distribution', seek to overhaul how insurance is sold in India. They include product- and channel-specific caps on distributor commissions, a phased cut in insurers' expense of management limits, and a simpler three-tier distribution structure. The paper also proposes a clawback mechanism in mis-selling cases.
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