New Delhi, Oct. 19 -- The deadline for feedback on Irdai's proposed insurance distribution reforms is approaching. The Insurance Brokers Association of India (IBAI) has sought an extension, but no decision has been announced. The association warns that proposed commission caps and changes to expenses of management (EoM) could threaten intermediaries' viability, jobs and customer servicing.

How much merit do these concerns hold? We examine the key arguments and what the reforms could mean for policyholders.

IBAI estimates that the proposals could slash broking revenues by 60-70%, putting up to 1 million jobs across the insurance distribution ecosystem at risk.

Ashish Teni, senior specialist - insurance and reinsurance at Trilegal, highl...