Circular>>Non-Life Insurers

18th March, 2005

IRDA/CIR/TAC/085/MAR-05

Re : Special Discount in lieu of Agency Commission/ Brokers Remuneration and Remuneration payable to Direct Insurance Brokers and Insurance Agents - Marine Hull Business.

Please refer to TAC circular No.M-Hull/Cir-2/2005 dated March 14, 2005 on detariffing of all class of Marine Hull insurance effective from 1st April 2005.

In view of this, Remuneration payable for Direct Insurance Brokers and Insurance Agents for the marine hull business will be as per the table given below and not as mentioned in our circular no: IRD/CIR/BRO/074/FEB-05 dated 22nd February 2005.
Class of risk  Agency Commission (% of final premium before application of service tax)  Direct Brokers Remuneration (% of final premium before application of service tax)
Marine Hull Business  upto 10% upto 12.5%

No special discount in lieu of Agency Commission/Broker's Remuneration is payable on Marine Hull business irrespective of the paid up capital structure. The Agent or Broker will be eligible for commission/remuneration as per the scale indicated above.

This circular will come into effect 1 st April 2005 .



(C.S. Rao)
Chairman

     


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