New Delhi, Sept. 24 -- Shares of insurance stocks including HDFC Life, SBI Life, ICICI Prudential Life, LIC, ICICI Lombard and PB Fintech crashed on Thursday, September 24, following a set of proposed insurance distribution reforms by the Insurance Regulatory and Development Authority of India (IRDAI).

TurtleMint was the top loser, hit its 20% lower circuit of Rs.109.10. Meanwhile, PB Fintech also hit its 10% lower circuit of Rs.1,701.00. ICICI Prudential Life Insurance tanked 7.6% to day's low of Rs.448. Meanwhile, HDFC Life crashed 5.6% to Rs.530.15, SBI Life shed 3.2% to Rs.1,700, ICICI Lombard fell 2.5% to Rs.1,466.05, and LIC was down 2% at Rs.399.

The regulator has proposed changes covering Expense of Management (EoM) limits, comm...