IRDAI is proposing one of the biggest resets to insurance distribution in years. My read after going through the consultation paper: What's good: 1. Distribution had become too expensive. Insurer premiums grew, but commissions and rewards grew much faster. This needed correction. 2. Mis-selling incentives need to go. Rewards, incentives and payments disguised under other heads should not influence what gets recommended to a customer. 3. Insurers need to become more efficient. Lower expense ratios should ideally mean more value going back to policyholders. What worries me: The regulation treats very different distribution models similarly. A bank already owns the customer relationship. An agent has a relatively light cost structure. A broker has a ₹75L net worth requirement, PI insurance, compliance and audit costs, technology costs, advisory teams, servicing and claims infrastructure. Most of these costs don't reduce because commissions do. So if revenues fall substantially, something else has to. For us, that means figuring out how to become dramatically more efficient without compromising the parts of the business we care about most: advice, servicing and claims. I agree with the problem IRDAI is trying to solve. I'm less convinced that every distributor should be solved for in the same way.