Authorities warned against imposing uniform requirements on agents or suggesting contract terminations without sufficient consultation as the industry implements post-scandal reforms.
Ajay Seth says IRDAI has checked its industry-sourced data repeatedly and will accept a better interpretation if one comes through the consultation with evidence to support it.
The insurers have been ordered to overhaul compensation structures, strengthen sales oversight and submit externally reviewed remediation plans by November.
External committee linked sums to 159 current and former staff and 794 customers, and said it found structural failings in sales management, culture, and governance.
