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 name change, which took effect on 22 September, follows efforts by UK-based joint venture partner Prudential to transition from promoter to investor status in the insurer.
The insurer said the order is not expected to have a material adverse impact on its financial operations at this stage, as it intends to challenge the decision.
The deal forms part of Prudential's broader India strategy, alongside its health insurance venture and minority holdings in ICICI Prudential businesses.
Prudential’s planned acquisition of a 75% stake in Bharti Life Insurance will trigger regulatory requirements on its shareholding in ICICI Prudential Life Insurance.
