On May 2, MAC MA issued rules on compulsory insurance commission.
MAC MA issued Maximum commission provisions for compulsory insurance.
Follows Aug. 2024 MAC GVT gazetted Insurance intermediary business law, #192117.
Key Provisions
Specifies the maximum commission payable to insurance intermediaries for the purchase or renewal of compulsory insurance and its supplementary protection.
Compulsory insurances include compulsory automobile civil liability insurance, compulsory insurance for work accidents and occupational diseases, compulsory professional civil liability for lawyers, medical service providers and travel agencies.
The maximum commissions range from 10% to 30% for the above insurances.
Effectiveness
The provisions will be effective from Aug. 1, 2025.
