New Delhi, Oct. 23 -- Proposals to restructure commissions paid to insurance intermediaries raise a fundamental question: will reform strengthen insurance, or weaken the system that makes protection accessible?

Before liberalization, insurance operated largely under public ownership. Competition, innovation and awareness were limited, penetration was low, and distribution infrastructure struggled to reach India's diverse population.

Insurance is built on trust: policyholders pay today for a promise that may be fulfilled years later. Benefits and exclusions require explanation. Agents became central to life insurance, while general insurance focused more on commercial and compulsory requirements.

Private participation aimed to create a ...