BUZZ — PB Fintech, banks tumble as India's insurance reform plan threatens distribution income

* Insurance broker PB Fintech dives 20%, among top losers, after India's insurance regulator proposes sharp curbs on commissions and distribution payouts * Top life insurers HDFC Life and ICICI Life Insurance also slump 6.7% and 4.5%, respectively * Max Financial tanks 11.5%; HDFC Bank slips 1.3%, Axis Bank drops 3.8% amid concerns over insurance-linked income * Proposals seek to cut commissions across life, health and motor products, cap loan-linked insurance payouts and tighten insurers' expense limits * Macquarie calls proposed cuts "steep", warns of near-term growth hit; says PB Fintech is most exposed, while Axis Bank and HDFC Bank face higher fee-income risk * Emkay says reforms could redefine insurance distribution economics * Jefferies flags a modest negative impact on banks' bancassurance income (Reporting by Kashish Tandon and Payel Das in Bengaluru) ((Payel.das@thomsonreuters.com)