INDIAN INSURERS ASKED TO REPORT PAYMENTS ABOVE US$2,139 PER YR

India's Insurance Regulatory and Development Authority (IRDA) on Friday said all commissions in excess of Rs 1 lakh (US$2,139) per annum paid by insurers will now have to be reported to the sectoral watchdog.

"The authority has decided that the details of remuneration paid whether by way of commission or otherwise to any person, in cases where such remuneration exceeds Rs 1 lakh per annum may be furnished to the authority," IRDA said in a circular.

The details pertaining to the financial year ending March 31 may be furnished by April 30 of every year. For the year ending March 31, 2010, details may be furnished by June 30, 2010, Irda added.

Last year, IRDA chairman J Hari Narayan had said the regulator was mulling to put a cap on the managerial remuneration of insurance firms.