IRDAI Commission Caps Hit Insurance Distributors

IRDAI proposed commission caps on Wednesday, linking distributor pay to product type, channel and policy size. Shares of PB Fintech, Turtlemint, SBI Life and HDFC Life fell Thursday; Policybazaar's parent lost 36% of its stock, erasing over Rs 31,000 crore in market cap. Analysts expect a 4-8% hit to NBFCs, with Axis and HDFC Bank most exposed.