PB Fintech Crashes 26%, Turtlemint Hits Lower Circuit On IRDAI Commission Cap Plan

IRDAI proposed hard commission caps for insurance distributors: nil on third-party cover for new vehicles, 5% on own-damage, and 15%/5% on first-time and renewal health policies. PB Fintech shares plunged 26% to ₹1,398.60, while Turtlemint hit its 20% lower circuit at an all-time low of ₹109.10.

• PB Fintech shares fell 26% to ₹1,398.60 on the BSE
• Turtlemint hit its 20% lower circuit at an all-time low of ₹109.10
• IRDAI proposes nil commission on third-party cover for new vehicles
• Health insurance commissions capped at 15% first-time and 5% on renewals