Sanctions for companies not respecting the tariffs in force

The regulatory authorities are threatening to inflict sanctions on the companies which are paying their intermediaries commissions above the going tariffs.
According to the 1939 law, property insurance companies can not pay their intermediaries commissions above 15% of the premium amount for the fire, marine, miscellaneous and health classes of business.
In terms of brokers' remuneration, the 2002 IRDA standards set the commission amount at 10% of the amount of premiums for compulsory risks, and at 12.5% of the amount of the premiums for facultative risks.

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