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General Insurance Commission Disclosure

In terms of the RBI circular bearing Ref. No. RBI/2009-10/225 dated November 16, 2009 following are the details of commission which AU Small Finance Bank Ltd. is eligible to earn from Cholamandalam MS General Insurance Company Limited / TATA AIG General Insurance Company Ltd on the sale of General Insurance Products in its capacity as corporate agent in line with IRDAI (Payment of Commission or Remuneration or reward to insurance agents and insurance intermediaries) Regulations, 2016 and applicable circulars
 

Class of Business – Motor Insurance

Sr. No Year Maximum % of Premium payable as agency commission (excluding GST and applicable CESS)
  Motor (Comprehensive) Motor (Stand-alone TP)
Other than 2-wheeler Other than 2-wheeler
1 Certificate of registration –1st to 3rd year 15% (OD portion) + (Nil - TP portion) 2.5%
2 Certificate of registration – 4th year onwards 15% (OD portion) + 2.5% (TP portion) 2.5%
 
Sr. No Year
Maximum % of Premium payable as agency commission (excluding GST and applicable CESS)
 
Motor (Comprehensive)
Motor (Stand-alone TP)
2-wheeler
2-wheeler
 
1
Certificate of registration –1st to 3rd year
17.5% (OD portion) + (Nil - TP portion)
2.5%
 
2
Certificate of registration – 4th year onwards
17.5% (OD portion) + 2.5% (TP portion)
2.5%
 
 

Class of Business – Fire Insurance

Sr. No Line of business Maximum % of Premium payable as agency commission (excluding GST and applicable CESS)
1 Fire-Retail 16.5%
2 Fire-Commercial (Risks with S.I. < Rs 2,500 crs) 11.5%
3 Fire- Commercial (Risks with S.I. > Rs 2,500 crs) 6.25%
 

Disclaimers

AU Small Finance Bank Limited. (CIN: L36911RJ1996PLC011381) is a scheduled Bank under second schedule of Reserve Bank of India Act 1934, and a Small Finance Bank under Section 22 of Banking Regulation Act 1949 and having its registered office at 19-A, Dhuleshwar Garden, Ajmer Road, Jaipur – 302001, Rajasthan with Corporate Agent (Composite, IRDAI Registration No. : CA0515 valid till 30/08/2023)

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