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Concerns about losing livelihoods due to the potential implementation of the insurance regulators’ proposals to overhaul the sector are misplaced, said Ajay Seth, chairperson of the Insurance Regulatory and Development Authority of India (IRDAI).

The insurance brokers’ body wrote to the prime minister’s office, expressing concerns about proposals to change the economic model on which the insurance industry works. The new proposals included 30-plus limits on commission, which would reduce brokers’ revenue by one-third and lead to the loss of about 10 lakh jobs.

“This concern about loss of livelihood, to our mind, is sort of misplaced,” said Seth, adding that the intent was not to disrupt any business model, but to make an “orderly transition” to a better system.

“There are enough provisions, enough suggestions wherein more business opportunities can be created within the insurance sector and even beyond the insurance sector,” he added. The challenge for developers and regulators is to ensure an orderly transition, he emphasised. He said he would listen to suggestions to ensure there were no disruptions in the market.

The insurance brokers body had requested a deadline extension to submit comments on the consultation paper. To this, Seth said it was good not to preclude the possibility of a deadline extension. “The request is that come out with business logic, economic logic, how it will help the policy holder, that will get a careful consideration, we are at it,” he said.

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