HDFC Life and ICICI Prudential Life discussed potential regulatory changes in bancassurance norms, expecting a decision in the coming months. If implemented, the industry may get a two- to three-year transition period to comply with business limits. Extending the free-look period from 30 days to one year is expected to have a limited impact, as insurers can claw back commissions on surrendered policies. The open architecture framework for insurance agencies remains under review, with implementation challenges.