General Insurance Commission Disclosure
In terms of the RBI circular bearing Ref. No. RBI/2015-16/30 dated July 01, 2015, following are the details of commission which AU Small Finance Bank Ltd. is eligible to earn from its Partner Insurance Companies 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 | M aximum % 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. (“AU Bank”) has registered itself with Insurance Regulatory and Development Authority of India (“IRDAI”) and is licensed to act as a Corporate Agent. Accordingly, AU Bank has entered into Corporate Agency Agreement with various Insurance Companies for distribution of their insurance products.
For all the policies solicited by AU Bank, the contractual agreement shall be made between the respective insurance company and the insured person only. AU Small Finance Bank Limited is merely a Corporate Agent whereas the underlying risk shall be underwritten by respective Insurers.
There is no direct/indirect association between the banking services offered by AU Bank and usage of the product and/or in the scheme offered by the Partner Insurance Companies. Customers’ participation in the insurance products/schemes shall be at their own free will and purely on voluntary basis. AU Bank is neither liable nor responsible for any claim, dispute, liability, loss, shortfall or the like resulting from/under the insurance products/scheme, though the Bank will surely support and guide its customers in the entire claim process.
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 , having its registered office at 19-A, Dhuleshwar Garden, Ajmer Road, Jaipur – 302001, Rajasthan, and is registered as a Corporate Agent (Composite) having IRDAI Registration No. : CA0515 valid till 30/08/2026.
