Coverfox创始人兼董事总经理桑吉布·贾赫对印度保险监管与开发管理局拟议的保险分销改革提出质疑，认为降低佣金可能会冲击那些将保险服务带给印度较大城市以外借款人和客户的渠道网络。
Coverfox founder and managing director Sanjib Jha has questioned the Insurance Regulatory and Development Authority of India’s proposed changes to insurance distribution, arguing that lower commissions could hit the networks that take insurance to borrowers and customers outside India’s larger cities.
在一封日期为9月29日、致印度保险监管与开发管理局主席及管理局成员的信中，贾赫表示，他支持监管机构降低客户成本、使报酬更加透明以及扩大保险覆盖范围等既定目标。他对提案的制定过程及其对分销商、贷款机构、员工、投资者和保单持有人可能造成的影响提出质疑。
印度保险监管与开发管理局于9月23日发布了咨询文件《重新校准保险分销经济模式》。
In an open letter to IRDAI chairman and members of the authority dated September 29, Jha said he supported the regulator’s stated objectives of lowering costs for customers, making remuneration more transparent and expanding insurance coverage. He questioned the process and the likely impact of the proposals on distributors, lenders, employees, investors and policyholders.IRDAI published its consultation paper, “Recalibrating Economics of Insurance Distribution”, on September 23.
此次咨询将于10月25日截止。印度保险监管和发展局（IRDAI）发布的文件聚焦监管风险，尼廷·卡马斯（Nithin Kamath）警告称此举可能对企业产生影响。
The consultation is open until October 25.IRDAI paper puts regulatory risk in focus as Nithin Kamath warns what it can do to businessesThe regulator has argued that distribution costs have risen faster than insurance business in several segments.
监管机构认为，在多个细分市场中，分销成本的增长速度已超过了保险业务的增长速度。
The consultation paper proposes changes to commissions, insurers’ Expenses of Management and incentives.
该咨询文件提议对佣金、保险公司的管理费用以及激励措施进行调整。Coverfox质疑IRDAI的费用数据贾（Jha）在信中援引IRDAI的数据指出，私营寿险公司的总费用率从2021财年的16.5%上升至2026财年的20.2%，而私营财险公司的总费用率则从2019财年的约25%上升至2026财年的32.1%。他认为，这些数字需要结合会计和监管处理方式的变化来解读。据贾称，2023年改革后，部分分销支出被重新归类为佣金。
Coverfox questions IRDAI's expense dataJha's letter cites IRDAI data showing that private life insurers' total expense ratio rose from 16.5% in FY21 to 20.2% in FY26, while that of private general insurers increased from about 25% in FY19 to 32.1% in FY26. He argues that the numbers need to be read alongside changes in accounting and regulatory treatment. According to Jha, some distribution payouts were reclassified as commission after the 2023 reforms.
他还指出，自2025年9月个人寿险和健康险保费免征商品及服务税（GST）后，进项税抵扣随之丧失。
He also points to the loss of input tax credit after individual life and health insurance premiums became GST-exempt in September 2025.“How much of the rise in total expenses is genuine additional cost, and how much reflects reclassification, the loss of input tax credit and accounting changes?”
“总费用的增长中，有多少是真正的额外成本，又有多少反映了重新分类、进项税抵扣损失以及会计变更的影响？”贾在信中问道。贷款相关保险佣金上限设为2%贾在信中提出的最强烈反对意见，是针对拟议的贷款相关保障保险2%的佣金上限。
Jha asked in the letter.2% cap on loan-linked insuranceThe sharpest objection in Jha's letter is directed at the proposed 2% commission limit for loan-linked protection.
贾认为，信贷相关保险通过贷款机构触达借款人，对于通常不会主动购买保险的低收入和农村家庭尤为重要。
Jha argues that credit-linked insurance reaches borrowers through lenders and can be particularly relevant for lower-income and rural households that do not typically shop for insurance independently.
他援引印度国家农业和农村发展银行（NABARD）的NAFIS 2021-22年度调查数据称，52%的农村家庭有未偿债务，而持有寿险的比例仅为24%。
He cites NABARD's NAFIS 2021-22 survey, which found that 52% of rural households had outstanding debt, compared with 24% holding life insurance, according to the figures cited in his letter.
这位Coverfox创始人表示，贷款机构及其分销网络花费了数十年时间建立基础设施，使信贷和保险能够触达这些借款人。他还反驳了关于近年来佣金上涨必然代表新增成本的说法。
The Coverfox founder says lenders and their distribution networks have spent decades building the infrastructure through which credit and insurance reach these borrowers. He also disputes the suggestion that the higher commissions seen in recent years necessarily represent a new cost.
Jha表示，团体信贷人寿保险的佣金历史上一直在30%左右，但此前部分支出被归类为市场推广和广告费用，而非佣金。他担心2%的佣金上限可能会使贷款机构和中介继续提供该保障在经济上变得不可行。“谁会花20卢比去招募和服务一位农村借款人，服务质量又能有多高？”Jha问道。他还质疑，如果贷款机构停止提供该产品，目前通过贷款机构获得保险的借款人是否还能继续获得保障。
Jha says commissions on group credit life had historically been around 30%, but some payments had earlier been classified as marketing and advertising expenses rather than commission. His concern is that a 2% cap could make it uneconomic for lenders and intermediaries to continue offering the cover.“Who will enrol and service a rural borrower for ₹20, and at what quality?”Jha asked. He also asks whether borrowers who currently receive insurance through lenders would continue to be covered if lenders stopped offering the product.
保险经纪人加入反对行列印度保险经纪人协会（IBAI）代表798家持牌保险经纪人，也对该咨询文件提出了担忧。IBAI表示支持IRDAI提出的若干措施，包括禁止将保险与贷款强制捆绑销售、适当性义务、因误导销售而追回佣金，以及加强关联方交易的透明度。其主要异议针对拟议的跨产品和分销渠道的佣金上限，以及拟议的降低保险公司整体费用限额。
Brokers join the pushbackThe Insurance Brokers Association of India , which represents 798 licensed insurance brokers, has also raised concerns over the consultation paper.IBAI said it supports several measures proposed by IRDAI, including a ban on forced bundling of insurance with loans, suitability obligations, clawbacks for mis-selling and greater transparency around related-party transactions. Its main objection is to the proposed commission caps across products and distribution channels and the proposed reduction in insurers’ overall expense limits.IBAI said the proposed framework could affect the economics of broking, particularly for point-of-sale persons operating in smaller towns.
IBAI称，拟议框架可能影响经纪业务的经济性，特别是在小城镇运营的销售人员。据该协会称，经纪人资助了印度271.8万销售人员中的148.1万，其中许多人是自雇人士。协会辩称，低于服务客户成本的佣金上限可能会减少销售保险的人数，而更低的费用限额可能迫使保险公司削减人员编制和其他成本。IBAI还对咨询文件中呈现部分佣金数据的方式提出了异议。
According to the association, brokers sponsor 14.81 lakh of India's 27.18 lakh point-of-sale persons, many of them self-employed. The association argued that commission caps below the cost of servicing customers could reduce the number of people selling insurance, while lower expense limits could force insurers to cut staffing and other costs.IBAI also disputed the way some of the commission data is presented in the consultation paper.
该协会表示，该文件在某些情况下依赖的离群佣金和利润率数据并不代表行业平均水平，同时承认应当解决客户选择有限领域的过度酬金问题。协会进一步指出，2023年框架已将一般保险公司的总费用率从保费的28.2%降至26.5%，并辩称佣金表面上的上升部分反映了重新分类。
It said the paper relies in some instances on outlying commission and margin figures that do not represent industry averages, while acknowledging that excessive remuneration in segments where customers have limited choice should be addressed. The association further said that the 2023 framework had already brought down the total expenses of general insurers from 28.2% to 26.5% of premium, and argued that part of the apparent increase in commissions reflects reclassification.IBAI has said it will ask IRDAI to retain the 2023 framework, limit commission caps to segments where customers have little choice, consider premium refunds where applicable and exempt commercial risks.
IBAI表示，将要求IRDAI保留2023年框架，仅在客户选择极少的领域设定佣金上限，在适用情况下考虑保费退还，并豁免商业险风险。该协会还希望在起草法规前进行影响评估。协会计划于10月25日前提交详细回复。Turtlemint上市引发监管时机质疑Jha还结合保险行业近期的融资和发牌活动，质疑IRDAI提案发布的时机。
It also wants an impact assessment before draft regulations are prepared. The association plans to submit its detailed response by October 25. Turtlemint IPO raises regulatory timing questionsJha has also questioned the timing of IRDAI's proposals in relation to recent fund-raising and licensing activity in the insurance sector.
他指出，Turtlemint Fintech Solutions于6月以每股152卢比的价格通过IPO募集了88.267亿卢比并上市。根据Jha的信函，Turtlemint股价于9月24日跌至109.10卢比。PB Fintech股价在同一时期也大幅下跌。Jha引用市场反应，质疑IRDAI在支撑IPO的监管框架生效时，是否知晓拟议变更。“在批准IPO时，监管机构是否知晓咨询文件？”他问道。这一提问正值IRDAI向新进入者开放保险市场之际。
He points to the June listing of Turtlemint Fintech Solutions, which raised ₹882.67 crore through its IPO at ₹152 a share. Turtlemint's shares fell to ₹109.10 on September 24, according to Jha's letter. PB Fintech also saw a sharp fall in its share price around the same period. Jha cites the market reaction while questioning whether IRDAI had been aware of the proposed changes when the regulatory framework underpinning the IPO was in place.“Did the Authority have the knowledge of the Consultation Paper at the time of granting approval for the IPO?” he asks. The question comes as IRDAI has also been opening up the insurance market to new players.
监管机构于7月发放了2026年的第四张新保险公司牌照，并已将中介机构转为永久注册制，但须符合适用要求。
The regulator granted its fourth new insurer licence of 2026 in July and has moved intermediaries to perpetual registration, subject to the applicable requirements.
Jha表示，在发放牌照或公司从公众投资者处募集资金后不久频繁变更规则，会给投资者带来不确定性。Coverfox寻求影响评估Jha还批评了咨询流程。他指出，目前的咨询文件不包含法规草案文本，也未说明这些提案最终将以法规还是通知形式发布。他将此与2023年“管理费用”框架的流程形成对比，当时IRDAI（印度保险监管与发展局）发布了征求意见稿，在征求意见后才通知最终法规。
Jha says frequent changes soon after licences are granted or companies raise money from public investors can create uncertainty for investors. Coverfox seeks impact assessmentJha has also criticised the consultation process. He points out that the current paper does not contain draft regulation text or specify whether the proposals would eventually be issued as regulations or circulars. He contrasts this with the process followed for the 2023 Expenses of Management framework, when IRDAI published an exposure draft and invited comments before notifying the final regulations.
他要求IRDAI发布影响评估，涵盖保单持有人、保险分销就业岗位以及行业投入的资本。
He wants IRDAI to publish an impact assessment covering policyholders, insurance distribution jobs and capital deployed in the sector.
信中引用数据称，约有270万个销售点人员（POSP），其中近150万通过经纪人从业。Jha认为，降低报酬可能会影响这支队伍的经济收益。分销仍严重依赖人力Jha的论点部分基于印度当前的保险销售结构。
The letter cites roughly 27 lakhed point-of-sale persons, with nearly 15 lakh engaged through brokers. Jha argues that reducing remuneration could affect the economics of this workforce. Distribution remains heavily dependent on peopleJha's argument rests partly on the current structure of insurance sales in India.
Coverfox的信件引用IRDAI咨询文件称，线上直接业务仅占私营寿险和财险公司保费收入的约2%。
The Coverfox letter cites IRDAI's consultation paper to say online direct business accounts for about 2% of premium for private life and general insurers.
根据Jha引用的数据，印度约有310万个人代理人和约270万销售点人员。他辩称，在行业试图扩大分销网络之际削减报酬，可能会使触达小城镇和农村地区的客户变得更加困难。与此同时，IRDAI正寻求降低成本并提高分销链条的透明度。
India has around 31 lakh individual agents and about 27 lakhed point-of-sale persons, according to the figures cited by Jha. He argues that cutting remuneration while the industry is trying to expand its distribution network could make it harder to reach customers in smaller towns and rural areas.IRDAI, meanwhile, is seeking to reduce costs and improve transparency in the distribution chain.
其提案包括对佣金结构、费用上限和激励措施的调整，同时加强对销售人员的问责。Coverfox的五项建议Jha提出了五项广泛的变革，而非单纯削减分销商报酬。
Its proposals include changes to commission structures, expense limits and incentives, alongside greater accountability for sellers. Five suggestions from CoverfoxJha has proposed five broad changes instead of simply reducing distributor remuneration.
这些建议包括为服务不足的客户创建“优先领域保险”框架，允许成熟分销商在满足监管条件下最终进入保险制造领域，扩大数字基础设施的使用，监管整体分销成本而非单个费用项目，以及为重大监管变更采用更正式的影响评估流程。
They include creating a “Priority Sector Insurance” framework for underserved customers, allowing established distributors to eventually move into insurance manufacturing subject to regulatory conditions, expanding the use of digital infrastructure, regulating the overall cost of distribution rather than individual expense heads, and adopting a more formal impact-assessment process for major regulatory changes.
他还要求IRDAI公布拟议变更可能影响的保单持有人数量和分销商岗位数量。
He has also asked IRDAI to publish the number of policyholders and distributor jobs that could be affected by the proposed changes.
咨询程序将持续开放至10月25日。这些提案并非最终法规，可能会根据利益相关方反馈进行调整。
The consultation process remains open until October 25. The proposals are not final regulations and could change after stakeholder feedback.
Jha主动提出与咨询文件起草人和IRDAI主席公开辩论这些提案。
Jha has offered to debate the proposals publicly with the drafters of the consultation paper and the IRDAI chairman.“None of this is an argument against reform,” Jha said in the letter.
“这绝非反对改革的论点，”Jha在信中表示。“这是关于我们对监管机构的问责与信任的论点。”保险分销处于十字路口，IRDAI着手控制成本
“It is an argument on Accountability and Trust that we have on a Regulator.”Insurance distribution at crossroads as IRDAI moves to rein in costs