Insurance- Regulator stirrred but not shaken

The Insurance Regulator (IRDA) has capped the selling commission on the Unit Linked Insurance Policies (ULIP). ULIP has been masquerading as an insurance product and has been the biggest instrument of legal cheating in India. However, the IRDA seems to be a reluctant regulator. There is no attempt to address the opacity in the insurance product. Customers are being ripped off whilst their fear is being used as a selling tool.
I have belief that we need health insurance, crop insurance, fire insurance (not so sure), accident insurance etc., However, one insurance man does not need is Life Insurance. And ULIP is NOT INSURANCE at all. (T)ULIP it is.