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As per IRDA circular (# 011/ IRDA/ Brok-Comm/ Aug-08), ICICI Bank Ltd receives following rates of commission from ICICI Lombard General Insurance Company Ltd on the sale of General Insurance Products.
*For Motor Insurance no commission is paid on Third Party Insurance. 10% is only on Motor Own Damage (OD) Insurance.
ICICI Bank Limited ("ICICI Bank") is licensed by the IRDA to act as a Corporate Agent of ICICI Lombard General Insurance Company Limited. The contract of insurance will be between ICICI Lombard General Insurance Company Limited and the Insured, and not between ICICI Bank and the Insured. ICICI Bank is acting merely as the Corporate Agent of ICICI Lombard General Insurance Company Limited and there is no direct or indirect linkage between the provisions of the banking services offered by ICICI Bank and your usage of the product or participation in the scheme offered by ICICI Lombard General Insurance Company Limited. Your participation in this product is purely on a voluntary basis. ICICI Bank is not liable or responsible for any claim, dispute, liability, loss or shortfall resulting from the scheme. This policy is brought to you from ICICI Lombard General Insurance Company Limited.
"ICICI Bank Limited ("Bank") with registered office at Landmark, Race Course Circle, Vadodara 390007 is licensed as a corporate agent (Composite, COR no. : CA0112, valid till 31/02/2019) of ICICI Lombard General Insurance Company Limited having its registered office at ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara, 390 007, Gujarat. Bank’s customer participation in the policy is entirely voluntary."
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