IRDAI Takes An Axe To Commissions, Unveils Expense Cuts For Insurers: Key Winners & Losers

The Insurance Regulatory and Development Authority of India (IRDAI) has issued a sweeping two-part consultation paper on distribution regulations and expense of management (EoM) caps, sending shockwaves across the financial services landscape. The proposals seek to clamp down on inflated distributor payouts, reduce friction costs for end-policyholders, and transition the industry from an aggressive "push" model to an effort-based and pull-oriented distribution ecosystem.

Global brokerage assessments from Jefferies, Macquarie, Bernstein, and HSBC indicate the proposed measures will deliver a significant near-term hit to distributor unit economics — most notably for PB Fintech (Policybazaar) — while leaving low-cost, agency-backed underwriters like Life Insurance Corporation of India (LIC) and SBI Life relatively insulated.

ALSO READ: IRDAI Eyes 5-Year Glide Path To Cut EoM Caps To 20% For General Insurers, 12.5% For Life Insurers

The Proposed Regulatory Overhaul

Earlier, IRDAI required general and health insurers to submit monthly information on gross direct premiums, claims paid and investment income from July 2026 onwards. The national insurance regulator's paper now proposes several systemic modifications slated for implementation from FY28, with public and stakeholder feedback open until Oct. 25, 2026:

Tighter EoM Limits: For life insurers, the EoM ceiling is set to tighten from current levels (where peers range between 10% and 39%) to 15% within two years and 12.5% within five years. Players operating below this benchmark will be expected to glide down to 10%. For general insurers, the current 30% gross written premium (GWP) limit shifts to domestic gross direct premium income (GDPI), gliding down to 25% within two years and 20% within five years. Reinsurance inward is excluded.

Deep Commission Slashes: Pure-term first-year life commissions are proposed to be capped at 25% for open distribution entities (banks, brokers, aggregators) and 30% for agents, down from an industry average of 51%. New-business health commissions would fall to 15-20% (down from >30%), while health renewal commissions are halved to 5-10%. In motor own damage (OD), commissions drop to 5-10%, while new-vehicle motor third-party (TP) payouts are proposed at zero to 2.5%.

Shift to Effort-Based Remuneration: Distribution channels are consolidated into insurance distribution entities (IDEs), insurance distribution persons (IDPs), and market infrastructure institutions (MIIs, such as Bima Sugam). Traditional tied agents receive higher commission caps than open-architecture corporate entities to reward direct selling effort over corporate leverage. Crop insurance will be counted at only one-third of gross premiums, in terms of EoMs.

Plugging Loopholes and Banning Coercion: All forms of compensation-including marketing support, brand fees, rewards, and travel-will be subsumed directly under statutory commission caps. The framework explicitly bans compulsory bundling of insurance with credit facilities and outlaws "dark patterns" like requiring customer phone numbers merely to view digital quotes.

ALSO READ: Reading Between The Lines: IRDAI Eyes Credit Data For Insurance Scores. Where Are The Guardrails?

Web Aggregators and Open Brokers Bear the Brunt

Global research desks view digital aggregators and corporate intermediaries as the primary casualties of the draft framework.

Bernstein offered a stark critique saying,  "The proposed cuts are ugly, and we were wrong... PB Fin's unit-economics unravels at the proposed take-rate caps." Bernstein noted that Policybazaar's call-center-heavy cost model cannot easily survive halved health take-rates, deep deferrals in pure-term payouts, and zeroed-out third-party motor commissions. The proposed ban on collecting customer contact details prior to quoting strikes directly at digital acquisition funnels.

Macquarie noted that PB Fintech appears the most exposed under the coverage, adding that a 200 bps compression in take-rates could erode EBITDA by 25%, all else equal. Jefferies reiterated this downside vulnerability, noting that a 10% cut in new business commission rates translates into a 10%-12% drop in earnings for PB Fintech and peer Turtlemint, leaving limited leeway for insurers to cushion the blow via operating expenses. Corporate agents and lenders reliant on group credit-life partnerships also face significant fee contraction.

Macquarie and HSBC flagged that private lenders such as Axis Bank and HDFC Bank — where insurance fee income forms a material share of non-interest revenue and PBT — are noticeably more vulnerable than State Bank of India (SBI), ICICI Bank, or Kotak Mahindra Bank. Non-banking financial corporate agents like L&T Finance could also see pressure from the 2.5% cap proposed on loan-bundled credit life policies, where historical effective payouts hovered much higher.

Global brokerages assess IRDAI's paper on insurance aggregators
Photo Credit: Echion

Divergence Among Underwriters: Low-Cost Incumbents Shielded

While near-term sales velocity may face headwinds as intermediaries lose aggressive selling incentives, underwriters with lean operating expense structures and high proprietary agency networks are positioned to gain market share. SBI Life and LIC emerge as consensus defensives across all four brokerages. Both operate with EoM ratios already near or below the proposed 10-12.5% five-year glide path (SBI Life at 10.6% and LIC at 11.9%). LIC's traditional tied-agency base benefits from preferential regulatory caps relative to corporate aggregators.

Coming to general and standalone health insurers: Jefferies and HSBC noted that Star Health is shielded by its 85% agency network mix, while lower renewal commission ceilings provide margin relief. For the other multi-line general insurers such as ICICI Lombard General Life and Go Digit, motor own-damage volumes may see transient friction, but insurer's overall acquisition expenses should eventually stabilize underwriting margins and temper irrational price competition.

ALSO READ: General Insurance Premiums Rise 10% In August; Acko, Niva Bupa, Star Health Lead Growth

The Road Ahead: Structural Maturation

Analysts drew direct parallels between IRDAI's proposed shift and the Securities and Exchange Board of India's (SEBI) 2018-2019 mutual fund expense ratio overhauls, which eliminated upfront commissions in favor of trail models. The transition is expected to cause near-term dislocation in premium growth as distribution partners lose high-margin push incentives.

However, the structural intent is clear that the ower friction costs, enhanced pricing transparency, and the elimination of commission-driven mis-selling. With substantial supporting data published alongside the IRDAI draft, global brokerages caution that the likelihood of a material regulatory rollback remains low. The IRDAI paper is at the proposal stage as of now.

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Ayushmann Khurrana's Ultimate Act Of Kindness, Sponsors Indian Shooter's Rifle

Bollywood actor Ayushmann Khurrana, famous for the film 'Vicky Donor', has stepped in to sponsor a rifle for current Asian Championship gold medallist Meghana Sajjanar after learning about her challenges with the equipment. Khurrana had not met Sajjanar or known her personally, yet offered to sponsor her rifle after learning about her circumstances. The support gave the athlete access to world-class equipment and allowed her to train and compete without having to compromise on her preparation.

"He didn't know me. We had never met. He just wanted to see an Indian athlete win on the global stage. That rifle levelled the playing field for me, allowing me to train without compromise, take on the best in the world, and achieve what I have today," Sajjanar posted on social media.

Recently she won gold in team event and an individual bronze in 10m Air Rifle category at the Asian Championship here at the Karni Singh Range. She won couple of bronze medals at 2022 and 2025 World Championship in Cairo.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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India's Medal Tally At Asian Games 2026: Full List Of Medal Winners After Day 3

India's medal tally rose to seven at the end of the third day at Asian Games 2026 in Aichi-Nagoya. The major successes of Day 3 came in cricket as the women's team beat Sri Lanka to deliver the first gold medal. Earlier on Day 2, Himanshu Dhillon clinched silver and Rudrankksh Patil secured bronze in the men's 10m air rifle individual event. India also won silver in the men's 10m air rifle team event, as Dhillon and Patil teamed up with 18-year-old Parth Mane. Mixed martial arts (MMA) star Suchika Taryal added the other medal of the day, settling for bronze after losing her women's Traditional -60kg semi-final.

So far, Indian shooters have won five out of the nation's seven medals.

Full list of India's medal-winners at Asian Games 2026 so far:

Shooting

Elavenil Valarivan, Sonam Maskar and Vidarsa Vinod - women's 10m air rifle team event - Silver

Elavenil Valarivan - women's 10m air rifle individual event - Silver

Himanshu Dhillon - men's 10m air rifle individual event - Silver

Rudrankksh Patil - men's 10m air rifle individual event - Bronze

Himanshu Dhillon, Rudrankksh Patil and Parth Mane - men's 10m air rifle team event - Silver

MMA

Suchika Taryal - women's Traditional -60kg - Bronze

Cricket

Indian Women's Cricket Team - Gold

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Trade Setup For Sept 22: Nifty Bulls Eye 23,550 Breakout As Sub-$100 Oil Flips Sentiment

Indian equity markets could remain range-bound in Tuesday's session as the Nifty faces a crucial resistance zone around 23,520-23,550 amid persistent geopolitical uncertainty and elevated energy prices. This comes as GIFT Nifty rises 0.34% to 23,519.50 after Brent crude fell below $100.

According to Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities, the 23,520-23,550 zone is likely to act as an important resistance area for the Nifty in the near term. "A sustained move above 23,550 could extend the ongoing pullback rally towards the 23,700 mark in the short term," Shah said.

On the downside, the 23,330-23,300 zone is expected to provide crucial support. Shah said a breach below 23,300 could weaken the near-term structure and potentially result in the index resuming its corrective trend.

Market participants are also keeping a close watch on crude oil prices and geopolitical developments, which could influence the sustainability of the recent recovery in Indian equities.

ALSO READ: What Happens If US Imposes 100% Tariff On Russian Oil Buyers? IOCL, BPCL & HPCL Face Risk

"While Indian equities ended on a firmer note, persistent geopolitical uncertainty and still-elevated energy prices continue to warrant a cautious approach. The durability of the recent recovery is likely to depend on sustained stability in crude oil prices and greater clarity on the geopolitical front," said Ponmudi R, CEO of Enrich Money.

Hariselvan Radhakrishnan, Founder and CEO of HST Wealth, said softer oil prices and contained volatility could provide room for the recovery to extend. He added that investors would focus on core-sector data, crude oil prices and global bond yields ahead of Tuesday's session to assess whether the recent rebound can gather further momentum.

Bank Nifty Outlook

Bank Nifty ended higher after opening on a flat note and remaining in consolidation for most of the session. The index gradually moved higher during the second half, approaching the 56,700 mark before closing near 56,470, according to Enrich Money's Ponmudi R.

For Tuesday's trade, immediate resistance for Bank Nifty is placed at 56,700-56,800. A sustained move above 57,000 could strengthen the near-term technical structure.

On the downside, immediate support is seen at 56,000-56,100. A failure to sustain this zone could extend weakness towards the next support level of 55,700-55,800, Ponmudi said.

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India 'Not Consulted' For New Zealand Tour, New Scheduling Chaos Engulfs Team

Scheduling congestion could force the Indian team to rest some of their players for the final two of their five ODIs against New Zealand later this year, according to a report. India are scheduled to play five T20Is, five ODIs and two Tests during a gruelling two-month tour of New Zealand. However, concerns have been raised over the scheduling of the series, with the Test leg set to begin just four days after the fifth and final ODI on November 15.

According to a report in Dainik Jagran, the likes of Shubman Gill, Jasprit Bumrah, KL Rahul, Nitish Kumar Reddy, Prasidh Krishna, Kuldeep Yadav and Mohammed Siraj could be rested for the final two ODIs in Mount Maunganui to prepare for the subsequent Test series.

The aforementioned players are expected to be part of both the ODI and Test squads, which could force the team management to prioritise their workload and availability for the red-ball leg of the tour.

The report further claimed that India's coaching staff could be split into two groups to manage the demanding schedule. Two members from the quartet of head coach Gautam Gambhir, bowling coach Morne Morkel, assistant coach Sitanshu Kotak and fielding coach Subhadeep Ghosh are likely to remain in Mount Maunganui with the ODI squad, while the other two could travel with the Test-bound players to Wellington and oversee preparations for the opening Test.

The move would allow the team management to simultaneously prepare for the final two ODIs and the start of the Test series, which begins just four days after the conclusion of the 50-over leg.

The report also claimed that the Indian team was not consulted during the scheduling of the series, which has led to concerns over player workload and preparation time ahead of the Test matches.

India's white-ball tour of New Zealand, comprising five T20Is and five ODIs, begins on October 22 and runs until November 15. The Test series will then begin with the opening match in Wellington from November 19 to 23, followed by the second Test in Christchurch from November 27 to December 1.

The two-Test series will also carry significance in the ongoing World Test Championship cycle. New Zealand are currently third in the standings, while India occupy fifth position.

(With ANI Inputs)

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Asian Games Forced To Apologise After Anthem Blunder In South Korea Match

Asian Games organisers offered "deepest apologies" on Saturday for playing the North Korean national anthem for the South Korean men's hockey team. South Korean officials were left angered by the latest mishap to hit the Nagoya-Aichi Games, which officially opened after a troubled build-up. At their Friday contest against Bangladesh, South Korea's players lined up for the traditional playing of the anthems, only to look bemused as North Korea's song rang out. Organisers then played Bangladesh's anthem and later the South Korean one, the South's Yonhap news agency said. South Korea went on to win 5-0.

"During the men's hockey match between (South) Korea and Bangladesh on September 18, an incorrect national anthem was mistakenly played before the match," the Asian Games organising committee told AFP on Saturday.

The statement said that, on Friday, "officials responsible for (National Olympic Committee) relations visited the delegation of the Republic of Korea and offered their sincere apologies for the incident".

"We will also work to prevent a recurrence and would like to express our deepest apologies to all those affected by this matter."

A stadium announcer apologised for the blunder but Min Tae-seok, coach of South Korea, was unimpressed.

"This is a really serious problem. When we protested, they said, 'We're sorry. It wasn't that it wasn't prepared, there was a mistake on the part of those responsible for playing it'," he said.

"But this is something that simply should never happen."

The build-up to the Games has been overshadowed by complaints from teams about the quality and amount of accommodation.

Some teams were also stranded at the airport for up to six hours when they landed this week.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Toxic Vs Hanuman Ansh Box Office Collection: Spiritual Drama Scores Big In Week 6

Hanuman Ansh continues its phenomenal box-office run, with the devotional drama earning significantly more than Yash-starrer Toxic on Thursday. While Hanuman Ansh collected Rs 6.25 crore on Day 42, Toxic raked in Rs 14 lakh on Day 23 in India.

The devotional film earned a staggering Rs 6.11 crore more than the Yash starrer, highlighting its extraordinary staying power at the box office.

Hanuman Ansh Shows Sixth-Week Momentum

Hanuman Ansh collected Rs 6.25 crore net on Day 42, across 9,160 shows in India. The film's India net collection has now reached Rs 243.38 crore, while its India gross collection stands at Rs 287.40 crore.

The Day 42 collection represents a 4.2% jump from the previous day's Rs 6 crore, underlining the film's strong momentum even in its sixth week. With this the spiritual film raked an overall Rs 80. 25 crore on week sixth.

ALSO READ | Hanuman Ansh Crosses Rs 300 Crore Worldwide: Can It Overtake Yash's Toxic?

Overseas, the film collected Rs 1.50 crore on Day 42, taking its total overseas gross to Rs 21.75 crore so far. This pushes the worldwide gross collection to Rs 309.15 crore.

Hanuman Ansh recorded an overall occupancy of 19% on Day 42. Morning shows registered 7.92% occupancy, which increased to 17.46% in the afternoon and 22.08% in the evening. Night shows witnessed occupancy reaching an impressive 20.69%.

The film's performance is particularly noteworthy given its reported budget of around Rs 2 crore. Hanuman Ansh opened to just Rs 10 lakh on its first day but gradually gained momentum through positive word of mouth.

Toxic Day 23 Collection

According to Sacnilk, Toxic collected Rs 14 lakh net in India on Day 23, across 219 shows. The figure represents a decline from the Rs 13 lakh earned on Day 22. With this the film raked in Rs 1.39 crore in its third week.

With its Day 23 collection, Toxic's India net collection has reached Rs 249.63 crore, while its India gross collection stands at Rs 297.92 crore. The film's total overseas gross collection stands at Rs 341.67 crore.

The Hindi and Kannada versions continued to drive Toxic's domestic performance. The Hindi version earned Rs 4 lakh crore from 42 shows, meanwhile the Kannada version collected Rs 10 lakh from 177 shows.

Hanuman Ansh's Strong Run Despite Smaller Release

The comparison becomes more notable when the scale of the two releases is taken into account. Toxic was released across multiple languages and had a significantly wider theatrical footprint, while Hanuman Ansh built its box-office run gradually despite a much smaller initial release.

The trend was visible earlier in their theatrical runs as well. On Day 7, Toxic earned Rs 7.85 crore net from 12,894 shows. On the same calendar day, Hanuman Ansh, then on Day 26, collected Rs 8.50 crore from 7,008 shows, almost half the number of shows. Earlier comparisons also showed Hanuman Ansh posting higher daily collections than Toxic despite having fewer shows on their respective days.

ALSO READ | Hanuman Ansh Box Office Success: Meet Anupriya Nagar, The Young Producer Who Invested Her Savings

Directed by Geethu Mohandas, Toxic stars Yash, Kiara Advani, Nayanthara, Tara Sutaria, Huma Qureshi, Rukmini Vasanth, Akshay Oberoi and Sudev Nair. The film, set in post-independence Goa, was reportedly made on a budget of around Rs 500 crore.

Toxic released in Kannada, English, Hindi, Telugu, Tamil and Malayalam, opened strongly at the box office, but its daily collections declined considerably after its opening week. Meanwhile, Hanuman Ansh, has continued to benefit from its extended theatrical run, with its Day 42 collection pushing its worldwide gross to Rs 309.15 crore.

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