India, Oct. 7 -- The Insurance Brokers Association of India (IBAI) has said that the Insurance Regulatory and Development Authority of India's (IRDAI) recently proposed norms could trigger a 60-70% revenue collapse across the insurance broking sector.

Addressing a press briefing, the industry body representatives also said that the insurance distribution sector, which employs over 83 Lakh people, could see the loss of up to 10 Lakh jobs lost as a result of the economic impact of the proposed policies.

This comes days after IRDAI proposed reintroducing product-wise commission caps for insurance distributors. The regulator also proposed tighter limits on insurers' overall expenses over concerns related to disproportionate increases in com...