Irdai steps up scrutiny of insurers exceeding expenses cap

Irdai has initiated quarterly monitoring for eight insurers exceeding their 30% expenses of management limits to enforce financial discipline. New accounting norms require insurers to report premiums annually. High commissions in bancassurance are also under review, with a significant rise in expenses since April 2023. Irdai has initiated quarterly monitoring for eight insurers exceeding their 30% expenses of management limits to enforce financial discipline. New accounting norms require insurers to report premiums annually. High commissions in bancassurance are also under review, with a significant rise in expenses since April 2023.  Economic Times