Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: cpt :: ACCOUNTING STANDARDS :: due date for vat payment :: VAT Audit :: form 3cd :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: list of goods taxed at 4%
 
 
General »
 While filing tax in India, NRIs do not have to report overseas assets
  Clarification regarding applicability of Section 16 (1)(a) of the Companies Act. 2013 with reference to cases under corresponding provisions of Companies Act. 1956 -reg.
 SH. VISHWA NATH GUPTA Vs. PRINCIPAL COMMISSIONER OF INCOME TAX CENTRAL, KANPUR AND ANR.
 No tax scrutiny of big transaction if it matches income
 Clarification regarding applicability of Section 16 (1)(a) of the Companies Act. 2013 with reference to cases under corresponding provisions of Companies Act. 1956 -reg.
  Home loan tax reliefs often missed by taxpayers
 Income tax department launches online facility for linking Aadhaar and PAN
 Home loan tax reliefs often missed by taxpayers
 Tax headache in India is a bonanza for global accounting firms
 Activities To Be Treated As Supply Even If Made Without Consideration Under CGST ACT
  Haryana Goods and Services Tax Bill passed

Higher tax benefits likely for health, accident covers
October, 23rd 2012

CEOs of general insurance companies CEOs met the Finance Ministry on Monday to deliberate steps to revive growth and improve penetration for the industry. Currently, general insurance penetration stands at 0.7 per cent as against the global average of 1.5-4 per cent.

According to Amarnath Ananthanarayanan, MD & CEO, Bharti AXA General Insurance, taxation, distribution, bancassurance and product approval were discussed. On the taxation front, health insurance policyholders could be in for a higher tax benefit under Section 80D. And this could be extended to other policies like home and personal accident also. Life insurance policies get a tax benefit of up to Rs1 lakh under Section 80C. We have asked for similar benefits for general insurance policyholders as well, says Ananthanarayanan.

KG Krishnamoorthy Rao, MD & CEO of Future Generali General Insurance says, "Insurance looks attractive because of tax benefits. Therefore, if tax benefits are provided to home and personal accident covers also, we would see a good offtake of these plans."
The industry also suggested that the third-party motor insurance pricing should be freed or at least be risk-based, says Rao. Third-party motor cover refers to the mandatory insurance that car-owners have to buy to provide compensation for accident victims. Here, the rates are notified by the regulator after taking into account inflation, average claim amounts and expenses in servicing the claims. The insurers also asked for limiting the time for filing a third party claims and raised the problem of 90 million uninsured vehicles on the road.

Additionally, product approval has also been slow across the insurance industry. Hence, the industry wants the 'File & Use' mandate to be extended to the general insurers also. File & Use means that the industry can file certain standardised products with the regulator and within 15-20 days of filing the products, they can start selling the products. At present, the general insurers can use the products only on the regulator's approval. Recently, the insurance regulator and the Finance Ministry allowed life insurers to 'File & Use'.

The industry also asked for putting in a place a mechanism for better pricing of group health insurance, which can take into consideration existing claims ratio, medical inflation, management expenses, underwriting cost and so on.

The Finance Ministry is likely to come out with a 10-point agenda for the general insurance industry soon, in-line with the life insurers.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions