Section 5 in Insurance Regulatory and Development Authority of India (Payment of commission or remuneration or reward to insurance agents and insurance intermediaries) Regulations, 2016
5. Any other entity as may be notified by the Authority from time to time.
(e)"Remuneration" means the compensation paid by an insurer and received by an insurance intermediary for soliciting and procuring an insurance policy.(f)"Reward" means the amounts paid, whether directly or indirectly, as an incentive by whatever name called by an insurer to:i. an insurance agent towards benefits such as gratuity, term insurance cover, various group insurance covers, telephone charges, office allowance, sales promotion gift items, competition prizes and such other items.ii. an insurance intermediary towards services such as risk analysis, gap analysis, plan design, predictive modelling, data management, infrastructure, advertisement and such other items including any additional incentives by whatever name called.(g)Words and expressions used and not defined in these Regulations but defined in the Act, as amended from time to time, the Insurance Regulatory and Development Authority Act, 1999 or in any of the Regulations/Guidelines made there under shall have the meanings respectively assigned to them in those Acts/Regulations/Guidelines.
