New Delhi, Oct. 24 -- Today is the second last day to submit your comments on one of the most eye-opening reports to come out of a financial sector regulator. In its report on distribution reforms called 'Recalibrating economics of Insurance Distribution', the Insurance Regulatory and Development Authority of India (Irdai) has published some damning numbers that raise a troubling question: is insurance distribution doing more to enrich intermediaries than to serve customers?

For policyholders who are victims of misselling or ones facing the horrors of a claims rejection because they simply signed where their agent asked them to, the answer is not hard to guess. But for others the report is quite a revelation. The regulator's three-year s...