life insurance companies

Concerned about the fast pace of regulatory changes being brought into the sector, the life insurance industry has approached sector regulator IRDA to go slow in its approach, sources said.In turn, the Insurance Regulatory and Development Authority. Full Article

The life insurance industry wants service tax on fund management charges to be withdrawn, as is the case with mutual funds. The Life Insurance Council-the representative body of life insurers-will shortly make a presentation to the finance ministry urging the introduction of a uniform taxation platform for the life insurance sector. Full Article

The Insurance Regulatory and Development Authority has made PAN card mandatory for all policies where annual premium is more than Rs 1 lakh. It has issued a circular to all life insurance companies in this regard, said a life insurance council official. Full Article

The accounting regulator the Institute of Chartered Accountants of India (ICAI) has constituted an expert group to suggest sector-specific accounting norms for insurance companies. The move aims at ensuring that financial statements of insurance firms reflect true natures of financial arrangements. ICAI president Uttam Prakash Agarwal confirmed the development. “ICAI is planning to come up [...] Full Article

The income-tax department is expected to fall short of its targeted collections from tax deduction at source (TDS) by 10% in 2008-09. Against a target of Rs 47,000 crore, TDS collections are expected to be around Rs 42,000 crore. To make good the shortfall, the department has carried out surveys to identify corporates that have [...] Full Article

Life Insurance Corporation of India will file its maiden health insurance product with the insurance regulator by next month. The product will be a long-term policy and have a savings element, said Mr D.D. Singh, Executive Director (Health), LIC. It will have a unit-linked component and be issued as a family floater policy. There will [...] Full Article