Section 7 in Insurance Regulatory and Development Authority of India (Payment of commission or remuneration or reward to insurance agents and insurance intermediaries) Regulations, 2016
7. Return on payment of Commission, remuneration and reward by the insurer.
(a)All insurers, within 45 days of the expiration of each financial year, shall submit returns on payment of commission, remuneration and reward by the insurer in format given Schedule - V.(b)The return shall be signed by the Chief Executive Officer and Compliance Officer of the insurer.(c)The Return shall be reviewed by the Audit Committee prior to being placed for approval of the Board of the Insurer.
