Insurance | Corporate Law Reporter

No Service Tax Required to be Paid on Services Provided by Authorised Person to Member of Commodity Exchange

In exercise of the powers conferred by section 11C of the Central Excise Act, 1944 (1 of 1944), read with section 83 of the Finance Act, the Central Government hereby directs that the service tax payable on the services provided by an authorised person or sub-broker to the member of a recognised association or a… Read More

Tags: Finance Act, India, Insurance, Puducherry, Tamil Nadu, Taxation, Taxation in India, Working time

Exposure Draft on Insurance Clearing House

The Authority had observed that the inter-company balances in reinsurance and coinsurance business are at a very high level and have been on a constant rise. In order to ensure timely and effective reconciliation of these balances and also to achieve transparency and for timely and efficient accounting and settlement of these balances, the Authority… Read More

Tags: Business, Clearing Houses, Financial services, Insurance, Insurance Regulatory, IRDA, Reinsurance

Reverse Mortgage (Amendment) Scheme 2013

[TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) Notification No. 79/2013 New Delhi, the day of 07th October, 2013 In exercise of the powers conferred by clause (XVI) of section 47 of the Income-tax Act, 1961 (43 of… Read More

Tags: Federal Housing Administration, Financial services, Gazette of India, India, Insurance, Mortgage loan, New Delhi, Reverse mortgage

Lok Sabha Passes Pension Fund Regulatory and Development Authority Bill, 2011 with official amendments

Subscribers Seeking Minimum Assured Returns Allowed to OPT for Investing their Funds in such Scheme Providing Minimum Assured Returns The Pension Fund Regulatory and Development Authority Bill (PFRDA), 2011 was passed by the Lok Sabha today with official amendments. It was earlier introduced in Lok Sabha on the 24th March, 2011 to provide for a… Read More

Tags: Bill, Insurance, Lok Sabha, NPS, Pension fund, PFRDA, PFRDA Bill, Statutory authority

Regulation of Commission Rate to Insurance Sales Agents

The Insurance Regulatory and Development Authority (IRDA) has notified Insurance Regulatory and Development Authority (Linked Insurance Products) Regulations, 2013 wherein, Regulation (9) prescribes levels of commission under the linked insurance products. Similarly Commission norms in respect of non linked products have been prescribed in Regulation (21) of Insurance Regulatory and Development Authority (Non-Linked Insurance Products) Regulations, 2013. As… Read More

Tags: Development Authority, India, Indo-Asian News Service, Insurance, Insurance Regulatory and Development Authority, IRDA, Regulation, Regulatory

Unclaimed Money with Insurance Companies

The Insurance Regulatory and Development Authority (IRDA) have informed that as on 31st December 2012, the unclaimed money of policyholders with Life Insurance Corporation of India was Rs.732.67 crores. For the other life insurance companies and non-life insurance companies, the unclaimed money of policyholders was Rs. 3122.68 crores and Rs.1010.46 crores respectively, as on 31st… Read More

Tags: Government, Insurance, Insurance Regulatory and Development Authority, IRDA, Life insurance, Life Insurance Corporation of India, Rajya Sabha, Rupee

Violation of ESI Act

The aims and objective of Employees State Insurance (ESI) Act, 1948 is to provide certain benefits to the employees in the organised sector in case of employment injury, sickness, maternityand to make provision for certain matters in relation thereto. The number of violation of ESI Act, 1948 during last three years and current year is as under:-… Read More

Tags: Employees' State Insurance, ESI, ESI Act, Financial services, Insurance, New Delhi, Standard Hindi, United States

Penetration of Life Insurance Coverage Goes Up

The penetration of life insurance sector in India has increased from 2.15% in 2001 to 3.17% in 2012 which is above Brazil, Russia, Malaysia, Pakistan, China, Srilanka, Australia, Germany but below France, Switzerland, United Kingdom, United States of America, Japan, Singapore, South Korea, Taiwan and Hong Kong. As per information furnished by Insurance Regulatory and… Read More

Tags: Gross domestic product, Hong Kong, India, Insurance, Insurance Regulatory and Development Authority, IRDA, Lok Sabha, South Korea

Data of Members under EPFO on Web Facility

Employees™ Provident Fund Organisation (EPFO) has date of birth details for more than 4 crore members out of a total members of 8.87 crore as on 01.08.2013. Web facility has been provided to the Employers to upload the date of birth details of all employees. Further, Field Offices of EPFO have been directed to ask… Read More

Tags: Employee Provident Fund, Employees' Provident Fund Organisation of India, EPF, EPFO, ESIC, Insurance, Lok Sabha, Passbook

Draft XBRL Taxonomies for Insurance Companies

Tomorrow is the last date for sending the comments to the Institute of Chartered Accountants of India (ICAI) on the Draft Templates of Taxonomy for Life and Non-life Insurance Companies. The Comments may be sent by e-mail at xbrl@icai.in so as to be received not later than July 12, 2013. ICAI has prepared these separate Drafts… Read More

Tags: Business, Financial services, Financial statement, Institute of Chartered Accountants of India, Insurance, Insurance Act, Life, xbrl

ICAI Release – Technical Guide on Internal-Concurrent Audit of Investment Functions of Insurance Companies (2013)

Document Extract: 1 Framework of Internal / Concurrent Audit for Insurance Companies 1. Introduction One of the major functions of an insurance company is investment of funds and with the ever growing fund size of insurers™ investments, safeguarding and protection of the investments has acquired enormous significance. IRDA, the regulator of insurance industry, has put… Read More

Tags: Audit, Audit Committee, chartered accountant, Information technology audit, Insurance, Internal audit, IRDA, Regulation

ICAI Release – Technical Guide on Review and Certification of Investment Risk Management Systems and Processes of Insurance Companies (2013)

Document Extract: 1 Introduction 1.01. Insurance in India has come of age.Insurers have been operating in India for a very long time, but insurance then was entirely the monopoly of the state-owned Life Insurance Corporation and four general Insurance Companies. In the post- liberalisation phase, private entrepreneurs have also come on to the scene. Since… Read More

Tags: Government, India, Insurance, Insurance in India, Insurance Regulatory and Development Authority, International Association of Insurance Supervisors, IRDA, Regulation

Action against Various Officers/Employees for Violation of Banking Norms and Regulations

In connection with Cobrapost, Red Spider 2 Expose which was released yesterday, Shri Rajiv Takru, Secretary, Department of Financial Services (DFS), Ministry of Finance had asked the Chairman cum Managing Directors (CMDs) of various Public Sector Banks (PSBs) and Life Insurance Corporation (LIC) of India for an immediate action in the matter. Beside above, the… Read More

Tags: Bank, Cobrapost, Financial services, India, Insurance, Life Insurance Corporation of India, money laundering, Public sector