I asked this question in the Wisdom of the Crowd:

Should MAS review the compensation of life insurance agents?

Here are the responses: (68 Votes)
31 % - They should ensure that the compensation packages are reasonable.
29 % - They compensation packages are too generous and are at the expense of consumers.
22 % - They should leave it to the market.
18 % - The migration of agents due to high payouts is bad for the life insurance industry.

See the pie chart at: 
http://www.wisdomofthecrowd.sg/chart.aspx?ID=1028