The insurance industry, it appears, has worked its way around the regulator's decision to place a cap on ULIP product charges. The loophole lay in the regulator's decision to give the industry a free hand while deciding how to spread the charges across the term of the policy as long as the overall return was not reduced beyond a certain level. Industry sources say that companies plan to keep agency commissions at the present level and show a lower overall charge by front-ending all expenses. This way they stand to make a killing whenever a policyholder exits before the maturity date.