Regulator suspends commission for non-life insurance agents

Insurance regulator on Thursday suspended providing all types of commission for the country’s non-life insurance companies.

The Insurance Development and Regulatory Authority issued a circular at 10:00 pm on the day.

Earlier, the 45 non-life or general insurance firms used to provide 15 per cent commission to the agents to procure the business. But it is believed that a part of the commision went to the pockets of branch managers of banks.

This has an immediate effect.