insurance

Based on the working population as per census 2001 data, the Insurance Regulatory and Development Authority (IRDA) has reported that the approximate total number of insurable persons in the country is 57,03,35,944. Full Article

The cost of educating our children is rising consistently. It's a matter of concern for all of us. One relief is the tax benefit provided for spending on children's education. The Income Tax Act provides a direct deduction on account of fees paid for the education of dependent children. The act also provides for deduction on account of interest on loans taken for higher education of children. Full Article

Asking India to liberalise its foreign investment policies, particularly in the financial services sector, the US today said further opening these areas can add about 1.5% to the country's economic growth. Full Article

There will be no service tax on cashless health insurance transactions, reports CNBC-TV18 quoting sources from Central Board of Excise and Customs (CBEC). It is learnt that the changes will notified by the board soon. The Finance Minister Pranab Mukherjee in Budget 2011-12 had proposed levying 5% tax on all services provided by private hospitals having at least 25 beds with central air-conditioning facility and also on all diagnostic tests. Full Article

CIRCULAR NO. IRDA/CHM/MISC/CIR/029/02/2011, DATED 10-2-2011 All the insurers are required to comply with the File and Use procedure for each product that is being offered in the market. However, with regard to the insurance products offered by insurers for schemes sponsored by the State and Central Governments, it is noted that the insurers are expected [...] Full Article

More than 10 years after opening up of the insurance sector, regulator Irda today proposed to allow mergers and acquisitions in the general insurance business that requires consolidation among the 24 industry players, most of which are loss-making. Full Article

Insurance – Guidelines on Outsourcing of Activities by Insurance Companies Reference: 1.    INV/CIR/031/2004-05 dated 27th July, 2004 2.    INV/CIR/058/2004-05 dated 28th December, 2004 3.    RBI/2006/167 DBOD.NO.BO.40/21.04.158/2006-07 4.    Regulation 7(c) of IRDA (Registration of Companies) Regulations, 2000 IRDA/LIFE/CIR/GLD/013/02/2011, DATED 1-2-2011 1. Introduction 1.1 Insurers in India are increasingly using outsourcing, as a means of both reduc.. Full Article

Insurance – Creation of Reserve for Unexpired Risk (URR) by the Non-life Insurance Companies for Health Segment CIRCULAR No. IRDA/F&I/CIR/F&A/015/02/2011, dated 2-2-2011 Authority vide Circular No. IRDA/F&A/ClR/49/Mar-09, dated March 24, 2009 had relaxed the requirement of section 64(1)(ii)(b) of the Act for computation of Reserve for Unexpired Risk for Health segment for the year 2008-09 [...] Full Article