Question

    In July 2024, which organization amended its guidelines

    on commissions for long-term motor insurance policies to align them with standard annual policies?
    A Reserve Bank of India Correct Answer Incorrect Answer
    B Pension Fund Regulatory and Development Authority Correct Answer Incorrect Answer
    C Securities and Exchange Board of India Correct Answer Incorrect Answer
    D International Financial Services Centres Authority Correct Answer Incorrect Answer
    E Insurance Regulatory and Development Authority of India Correct Answer Incorrect Answer

    Solution

    The IRDAI revised its guidelines regarding the commission structure for long-term motor insurance policies, making it consistent with those for standard one-year policies. This adjustment allows insurers to manage commissions within the defined expense management framework, thereby harmonizing long-term and annual policy treatments.

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