Dhaka, Dec. 26 -- The Insurance Development and Regulatory Authority (IDRA) has imposed a complete ban on agent commissions in the non-life insurance sector, introducing stricter rules on salary and benefit payments to employees.

According to a notification issued by the regulator, non-life insurance companies will no longer be allowed to conduct business through agents. Hence, agent commissions in the sector will cease entirely from January next year.

IDRA clarified that under the Insurance Act, 2010, no insurance agent is permitted to pay or receive commission -- directly or indirectly -- in the name of any individual or institution. Any violation of this provision will invite regulatory action.

The notification also stated that sala...