Mumbai, Sept. 24 -- The proposals include lower Expenses of Management (EoM) limits and tighter controls on commissions. The regulator also proposed greater transparency for policyholders.
PB Fintech crashed 32% to Rs 1,285.20. The company operates India's largest online insurance marketplace through its flagship platform, Policybazaar.
Another insurance distributor, Turtlemint Fintech Solutions, slumped 20% to Rs 109.10.
A foreign brokerage said IRDAI's proposed changes pose a risk to PB Fintech and Turtlemint. It estimated that a 10% cut in new-business commission rates could translate into a 10-12% decline in their earnings.
Among insurance companies. HDFC Life Insurance Company fell 5.70%, while The New India Assurance Company decli...