The proposed commission caps have pushed PB Fintech to weigh a move into insurance manufacturing, while some insurers need little or no cost cutting to meet the proposed EoM limits.
The penalty relates to ICICI Lombard's failure to document ₹7.10bn (US$75.1m) of sales, marketing and business support spending in FY2019, part of which went to agents of other insurers.
Measures to simplify products, reduce claims friction and encourage broader use of the National Health Claims Exchange dominated discussions at the panel's latest meeting.
Aggressive pricing and weak solvency among several state-owned insurers could test India's insurance growth story despite favourable regulatory reforms, S&P says.
India's largest private sector general insurer's loss ratios in crop and fire lines increased during FY2026, however the business saw profits rise by over 10%.
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