Page 8 - Insurance Industry

ICICI Lombard gets GST notice of over Rs 5.66 cr for alleged short payment

ICICI Lombard on Wednesday said it received a demand notice for alleged short payment of GST of over Rs 5.66 crore. In a regulatory filing, ICICI Lombard General Insurance Company said it has received an order from the Joint Commissioner CGST & Central Excise, Bhopal, Madhya Pradesh, raising a GST demand of Rs 5,66,02,264 and levying a penalty of Rs 56,60,226. Taking into account the GST and penalty, the total demand amount is over Rs 6.22 crore. Plus, an interest u/s 50 of the GST act would be levied. "The company will be filing an appeal against the said order," it said. The GST demand has been raised on the grounds of computation of input tax credit eligible to the company and alleged undischarged tax liability due to differences between returns filed by the company, ICICI Lombard said. Shares of ICICI Lombard were trading at Rs 1413.05, down 0.22 per cent over previous close on the BSE.

India's 95% population uninsured, 73% lack health coverage: Report

As much as 95 per cent of the country's population is uninsured despite the government and the insurance regulator's efforts to expand coverage, National Insurance Academy said in a report, which was released on Thursday. Unveiling the report, Irdai Chairman Debasish Panda urged the industry to emulate steps that led to the massive success of the UPI, opening of bank accounts, as well as mobile penetration. Panda said a compulsory natural calamity insurance in high-risk regions -- as recommended in the report -- is needed if the country wants to achieve insurance for all by the time the nation completes a hundred years as a republic. According to the report, 95 per cent of the country's population of 144 crore is uncovered. The high prevalence of lack of insurance coverage assumes importance in the light of the increase in the number of natural calamities and other climate-related disasters to hit the country. Further, it said 84 per cent people from low- and middle-income categor

Irdai's diktat on surrender value weighs on life insurance stocks

According to the H1FY24 earnings, the share of Non-Par in Individual Annualised Premium Equivalent (APE) of LIC stood at 10.76 per cent

IRDAI release draft for increasing surrender value of non-par products

The insurance regulator has proposed a high surrender value on non-participating insurance products

IRDAI aims to move towards RBC model, IFRS by 2025, says chairman

The Chairman also said that Indian insurers are converging towards the IFRS Accounting system by implementing the IND-AS

Trust, financial education crucial in achieving insurance for all by 2047

Irdai has committed itself to enabling "Insurance for All" by 2047, where every citizen has life, health, and property insurance cover

Insurance for all by 2047: Insurers call for MF-style ad blitz & a rethink

These discussions took place at the Life Insurance CEOs panel at the Business Standard BFSI Insight Summit

Insurance industry must embrace innovation, enhance capabilities: Irdai

The biggest challenge is to draft a regulation which can foresee, predict and provide guidance for payments, said Panda

Insurance industry faces hurdle in growth due to dearth of human capital

To counter the shortage of human capital, insurance firms are investing in employees by recruiting directly from campuses

General Insurance CEOs laud the switch to 'principle-based' regulation

We are the 15th largest general insurance market in the world, said Dasgupta

Aditya Birla Health launches product 'Activ One' with 100% returns

Funds earned on Health Returns can be used for payment of renewal premium and other non-medical expenses, out-patient expenses, etc

Health insurance safety, adventure sport boom: Top personal finance stories

Our pick of best stories this week explains why medical claims are rejected and how Indians are seeking thrill

Mis-selling trap; air purifier basics: Top personal finance stories

Our pick this week explains when you must say no to your relationship manager and what the best purifiers do

Onsurity helping businesses insure against rising digital threats

As cyber threats escalate with internet growth, Onsurity introduces comprehensive coverage for SMEs, navigating risks and ensuring business resilience

GIC wants to divert terror insurance money for oil and nuclear risks

India has Rs 15,000 cr in terror risk insurance: Money could be better used

Demand for 50-year government bond seen firm from insurance firms

Rupee and bond gain post dovish stance by FOMC

Irdai excludes retail sector of general insurance from arbitration clause

Following the amendment, the clause will only apply to commercial lines of business

Govt likely to set aside Rs 30,000 crore for PM Fasal Bima Yojna expansion

The govt plans to go beyond crop insurance to include assets such as ponds, tractors, livestock, and palm trees

24% growth in health cover premia drives non-life insurance sector

In the first half, the health insurance segment registered 18.92 per cent growth year-on-year

Israel-Hamas war: Higher shipping costs, premiums may lower export margins

Escalation of violence may impact trade volumes, say experts