Mumbai, Nov. 5 -- Life Insurance Corp. of India (LIC) has asked the insurance regulator to align proposed limits on distribution costs and overall expenses with global practice and to give insurers more time to comply.

The country's largest insurer made the request in its response to a 23 September consultation paper from the Insurance Regulatory and Development Authority of India (Irdai). The paper proposes caps on the expenses insurers can incur, including commissions to agents.

"Our suggestions are broadly based on what is the industry standard outside the country. We are requesting that it be in alignment with the international numbers," managing director and chief executive R. Doraiswamy said on an earnings call late on Thursday. ...