On September 24, India's insurance sector confronted a regulatory reckoning as the IRDAI released a discussion paper proposing to cap management expenses and restructure agent commissions — tools long central to how policies are sold in the country. The immediate market response was a sharp repricing: HDFC Life, ICICI Prudential, SBI Life, PB Fintech, and Turtlemint all fell as investors recalibrated expectations for an industry whose economics may be fundamentally redrawn. At its core, the regulator is wagering that constraining the incentives that drive mis-selling will restore consumer trus