[Update] PB Fintech Crashes 36%, Turtlemint 20% On IRDAI Commission Cap Plan

•PB Fintech shares crashed 36%, ending at ₹1,210 apiece, after IRDAI proposed hard commission caps and tighter expense limits for the insurance sector.

•Turtlemint shares hit their 20% lower circuit, ending 19.99% down at ₹109.10 apiece, amidst the proposed overhaul of insurance distribution.

•IRDAI proposed nil commission for new-vehicle third-party insurance, a 5% cap on new-vehicle own-damage cover, and health insurance commission limits of 15% on first-time sales and 5% on renewals.

•Brokerages warned that the proposed changes could compress insurance distribution economics, with PB Fintech emerging as one of the most exposed companies.