The Insurance Regulatory and Development Authority (IRDA) may make its regulations governing insurance companies’ investment in infrastructure projects more flexible. It is reported that this is likely to happen in response to a suggestion from the Planning Commission that insurance companies should invest Rs 25,000 crore in infrastructure over the next five years. IRDA’s investment [...]
The Government announced in early July that tax-saving infrastructure bonds providing income-tax relief under Section 80 CCF of the Income-tax Act would have a tenure of 10 years and a lock-in period of five years. Individuals and Hindu Undivided Families (HUFs) will be able to claim tax relief on investments up to Rs 20,000 in [...]
Credit Information Bureau (India) Ltd (CIBIL) has announced that it will come out with a database on housing loan defaulters and is also planning to provide its services to telecom and insurance companies. “We will come up with a database of mortgage defaulters very soon,” CIBIL Managing Director Mr Arun Thukral was reported saying at [...]
The Insurance Regulatory and Development Authority (IRDA) plans to set up a call centre to handle policyholder grievances. For this it has shortlisted three information technology companies including Mahindra Satyam, Sparse and Vcustomer. The service is proposed to be made available for 12 hours from Monday to Saturday in multiple languages starting with English, Hindi, [...]
Professionals earning over Rs 10 lakh a year including doctors, lawyers and chartered accountants are required to file income tax returns electronically from now on, the finance ministry has decided. Mandatory e-filing of returns – with or without digital signatures – has also been extended to all business entities and Hindu Undivided Families (HUFs) with [...]
L&T General Insurance Company Limited, a General insurance company promoted by Larsen & Toubro, India has been registered as a General Insurer under Section 3 of the Insurance Act, 1938 with the Insurance Regulatory and Development Authority (IRDA). The Certificate of Registration (Form IRDA/ R3) has been issued by the Authority on July 12, 2010 [...]
Insurance Regulatory and Development Authority (IRDA) has decided to computerise all examination centres for pre-recruitment examinations of insurance agents, run by Insurance Institute of India (III) and NSE-IT by March 31, 2011. III and NSE-IT are to enter into an agreement along with IRDA and, for this, IRDA has appointed a committee to 1. Recommend [...]
Insurance Regulatory and Development Authority (IRDA) has announced new guidelines for ULIPs. These regulations are applicable to all new ULIPs approved by IRDA after these regulations are notified. Lock in Increased to Five Years IRDA has increased the lock-in period for all ULIPs from three years to five years, including top-up premiums, thereby making them [...]
Insurance Regulatory and Development Authority (IRDA) has put out new guidelines on issue and renewal of licences to Corporate Agents. In a circular to all insurance companies dated June 28, IRDA has said that all corporate agency licenses given or renewed by an insurance company has to be with the prior approval of IRDA. The [...]
Insurance Regulatory and Development Authority (IRDA) has cancelled, in the middle of May 2010, the licences of two insurance brokers registered with it namely, IL & FS Investsmart Insurance Brokers Ltd and Victory Insurance Brokers Pvt Ltd. IL & FS Investsmart Insurance Brokers Ltd, a direct insurance broker registered with IRDA has its Registered Office [...]
