Kotak Institutional Equities analysis reveals how new IRDAI commission and expense regulations reshape India's insurance landscape. While established players like SBI Life and HDFC Life demonstrate stronger resilience due to diversified distribution channels and robust operational infrastructure, digital-first insurers such as PB Fintech face significant headwinds. The proposed rules aim to standardize commission structures and control distribution costs, fundamentally altering profitability dynamics across the sector. This regulatory shift underscores the competitive advantage of traditional insurers with established market positions.

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