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General Insurers cut premiums for private cars & CVs
General insurers say premiums reduction is largely due to the IRDAI’s MISP(Motor Insurance Service Provider) circular which reduced the commission to auto dealers. Insurance regulator, had capped distribution fees payable to auto dealers at 22.5 per cent for two-wheelers and 19.5 per cent for four-wheelers and sports utility vehicles (SUVs).Earlier, general insurance companies used to pay this distribution fees in the range of 30-40 per cent, across the segment.
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