Dhaka, Dec. 29 -- Non-life insurers fear losing business because of the ban on agent commission, while the insurance regulator says it took the action to stop the misuse of the tool to attract premiums in an effort to discipline the sector.

"Our products are invisible. Such products need efforts to sell. We have had to go door-to-door to sell our products. Today's non-life insurance market has been developed by us [private sector players]," said Syed Sehab Ullah Al-Manjur, CEO of Pragati Insurance.

The Insurance Development and Regulatory Authority (IDRA) had set the commission rate at 15 per cent in 2012 to curb unhealthy competition created by businesses offering up to 60 per cent of the premium as commission to secure a share of the ...