International Financial Services Centres Authority (Management Control, Administrative Control and Market Conduct of Insurance Business) Regulations, 2023 Chapter III INTERNAL ADMINISTRATIVE CONTROLS
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Commission payment policy requires board approval, policyholder-focused eligibility limits, cost efficiency, regulatory submission, and continuing compliance requirements. Every IIO must maintain a Board-approved policy for payment of commissions to insurance agents, intermediaries and insurance intermediaries. The policy ... Summary
Every IIO must maintain a Board-approved policy for payment of commissions to insurance agents, intermediaries and insurance intermediaries. The policy must protect policyholders' interests, specify services qualifying for commissions or incentives, prescribe minimum and maximum entitlements, and include cost-efficiency measures. Commission payments must be commensurate with the IIO's policy on expenses of management. The approved policy must be submitted when directed, and additional specified commission-payment requirements must be met.
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