The Government is not considering doing away with the commission for insurance agents, the Rajya Sabha was informed on Tuesday.
The Minister of State for Finance, Mr Namo Narain Meena, said “No’’ in a written reply to the Rajya Sabha when asked whether the Government is considering any proposal to discontinue insurance agents’ commission.
A Government-appointed committee headed by Mr D. Swarup had proposed phased elimination of upfront commission paid to insurance agents by April 2011 in its discussion paper. However, the committee has not yet submitted its report to the Government.
The country’s largest insurer, Life Insurance Corporation, had paid Rs 10,029.72 crore commission to agents in the last fiscal compared with Rs 9,552.68 crore in 2007-08.
In the financial year 2006-07, the agents' commission amounted to Rs 9,153.13 crore by LIC. On the other hand, private insurers paid Rs 2,649.85 crore commission to agents in the last fiscal against Rs 2,725.80 crore in 2007-08. In 2006-07, the commissio n paid to agents stood at Rs 1,848.26 crore. — PTI
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