Indian Insurance Regulatory and Development Authority announces stricter sales site guidelines

The Insurance Regulatory and Development Authority (IRDA) in India has announced that it is issuing tighter guidelines for policy comparison sites that are also selling insurance products for multiple insurers through an affiliate relationship. Third party affiliate insurance comparison websites earn a commission from the associated insurance company every time they sell a product through their site. Until now, there have been neither any regulations as to the allowable size of the commission, nor any pre-requisites regarding the candidacy to enter into the business of an insurance affiliate website. The…

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