Jefferies: India regulator proposes insurance commission cuts

Investing.com -- India's insurance regulator has released a consultation paper proposing stricter commission rules and cuts of 50% to 66% on insurance products starting in fiscal year 2028, according to Jefferies.

The regulator has requested public feedback on the draft regulations over the next month.

Non-banking financial companies derive a portion of their fee income from insurance distribution and are expected to face negative effects from the proposed changes.

Among major NBFCs, LTF, Piramal, and CIFC have higher exposure to insurance commission income, while SHFL has lower exposure based on fiscal 2026 insurance commission relative to fiscal 2027 estimated profit, Jefferies said.

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