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EXCLUSIVE


I-T DEPT RAIDS INSURANCE AGENTS' PREMISES OVER ALLEGED TAX EVASION

The Directorate General of GST Intelligence (DGGI) has been investigating these
companies for allegedly floating shell companies to pay high commissions and
accounting for the payments under other heads to reduce the tax outgo. The
Mumbai unit of the DGGI had conducted inspections on some companies and summoned
their executives, as ET reported on November 12 citing people in the know.

 * Rashmi Rajput
 * ET Bureau
 * December 01, 2022, 08:03 IST

 * 
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The Income Tax Department on Wednesday searched premises linked to several
commission agents of insurance companies over alleged tax evasion, sources in
the know told ET.

The action comes after goods & services tax authorities informed the insurance
regulator about alleged malpractices by more than a dozen insurance companies in
the allocation of commission to their agents.

The Directorate General of GST Intelligence (DGGI) has been investigating these
companies for allegedly floating shell companies to pay high commissions and
accounting for the payments under other heads to reduce the tax outgo. The
Mumbai unit of the DGGI had conducted inspections on some companies and summoned
their executives, as ET reported on November 12 citing people in the know.



"The current searches (by the Income Tax Department) are on the commission
agents. Once they are investigated, depending on the probe findings, the
(insurance) companies will also be asked to explain," said a senior income tax
official.

On the GST case, insurance industry executives claimed that the authorities had
wrongly interpreted marketing and sales-related expenses as commission on
services and were seeking tax. Some of these insurance companies had approached
the finance ministry seeking a resolution to what they view as legal differences
on the interpretation of the GST statute, industry insiders had said. According
to them, what the GST authorities were disputing were necessary expenses to sell
products and were not taxable.

The GST department is probing transactions of these firms running into more than
₹5,000 crore and involving GST of over ₹500 crore, ET had reported.


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INSURANCE

 * 2 hrs ago
   
   WAKE-UP CALL: POST DELHI AIIMS CYBER ATTACK, EXPERTS REITERATE IMPORTANCE OF
   CYBER INSURANCE

 * 3 hrs ago
   
   ONE LICENCE FOR ALL INSURANCE: BILL LIKELY IN BUDGET SESSION

 * 1 day ago
   
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 * 2 hrs ago
   
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 * 2 hrs ago
   
   WAKE-UP CALL: POST DELHI AIIMS CYBER ATTACK, EXPERTS REITERATE IMPORTANCE OF
   CYBER INSURANCE

 * 16 hrs ago
   
   THE FINTECH SECTOR SEES CRYPTOCURRENCY CURRENCIES AS A MEANS OF ESTABLISHING
   A SECURE AND TRACEABLE WAY OF TRANSFERRING ASSETS.


BFSI VIDEOS


 * ‘TRANSITIONING FROM LEGACY TO DIGITAL SYSTEM, NOT A CHALLENGE FOR BANKS’: IBA
   CHIEF
   
   Sunil Mehta, CEO, Indian Banks' Association sharing his expert commentary on
   several buzzing industry topics at the 3rd Edition of the 2 day ETBFSI
   Converge 2022.

 * 5 days ago
   
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   BOM

 * 6 days ago
   
   FINTECH DIARY WITH ASHISH KASHYAP, FOUNDER AND CEO, INDMONEY

 * 16 days ago
   
   FINTECH DIARY WITH SURJENDU KUILA, CO-FOUNDER & CEO, ZOPPER.

View More




EXCLUSIVE


ONE LICENCE FOR ALL INSURANCE: BILL LIKELY IN BUDGET SESSION

“Our aim is to bring the legislation in the budget session. It, however, will
depend on how swiftly we can incorporate suggestions and seek cabinet approval
for the proposed legislation,” said a senior official aware of the developments.

 * Dheeraj Tiwari
 * ET Bureau

Click Here to Read This Story
 * 
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The government is likely to introduce the Insurance Laws (Amendment) Bill, 2022,
which will pave the way for issue of composite licence to insurers, in the
budget session of Parliament, officials said.

A composite licence, which will allow insurers to undertake general and health
insurance via a single entity, has been a key industry demand.

“Our aim is to bring the legislation in the budget session. It, however, will
depend on how swiftly we can incorporate suggestions and seek cabinet approval
for the proposed legislation,” said a senior official aware of the developments.



Last week, the finance ministry invited comments on amendments proposed to the
Insurance Act, 1938 and the Insurance Regulatory and Development Authority Act,
1999. “The proposed amendments primarily focus on enhancing the financial
security of the policyholders, promoting the policyholders' interests, improving
returns to the policyholders, and facilitating the entry of more players in the
insurance market, leading to economic growth and employment generation," the
ministry said while seeking comments from all stakeholders. The last date for
sending comments is December 15.


Another official said that since the proposed amendments have been made after
extensive consultation with industry and the regulator, they don’t expect any
delays. “Hopefully, by the end of the winter session, all approvals will be in
place, and subsequently it could be announced and approved during the budget
session,” he said.

The bill proposes to remove the Rs 100-crore minimum paid-up equity capital
requirement for carrying out life, general and health insurance business, as
part of a significant revamp of insurance framework.

The ministry, while inviting comments, had noted that the aim is to enhance
efficiencies of the insurance industry — operational as well as financial — and
enable ease of doing business. “The proposal includes various measures such as
opening up registration to various classes, sub-classes and types of insurers
with appropriate minimum capital requirements as specified by (sector regulator)
Irdai,” it said.



This is being done in view of the changing needs of the insurance sector, the
ministry said. Areview of the legislative framework governing the sector has
been done in consultation with the Insurance Regulatory and Development
Authority of India and the industry, it said.


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EXCLUSIVE


WAKE-UP CALL: POST DELHI AIIMS CYBER ATTACK, EXPERTS REITERATE IMPORTANCE OF
CYBER INSURANCE

As per reports, data of close to 3 to 4 crore patients could be compromised due
to the breach detected on 23rd November, 2022. Looking at the AIIMS incident,
ETBFSI spoke to Insurance experts on the growing need and importance of cyber
insurance for big organisations dealing with large amounts of customer data.

 * Sheersh Kapoor
 * ETBFSI

Click Here to Read This Story
 * 
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According to reports, after being wrecked by cyberattacks, India’s leading
public medical institute, All India Institute of Medical Services (AIIMS) is
working on devising a cyber security policy after its servers remained down for
more than 11 days.

A group of hackers have demanded an estimated Rs 200 crore in cryptocurrency,
following which a case of extortion and cyber terrorism was registered with the
Intelligence Fusion and Strategic Operations (IFSO) unit of the Delhi Police on
November 25.



Reports suggested that data of close to 3 to 4 crore patients could be
compromised due to the breach detected last week.

In India, the average cost of a data breach in 2021 was reported to be INR 16.5
crores per incident, the highest in 17 years, as per the IBM cost of a data
breach report in 2021.

At a time like this, reiterating the growing importance of cyber insurance, Amit
Agrawal, Managing Director (Liability & Specialty Risk), Howden India said that
the complexity of safeguarding digital data has outpaced the speed at which
digitization had happened.

According to Agrawal, cyber perils are the biggest concern for companies in
2022. The number of phishing and ransomware incidents reported in 2021 to the
Indian Computer Emergency Response Team (CERT-In) more than doubled from the
previous year.

"Hackers are known to outsmart the security put in place by entities, hence one
of the ways to safeguard an entity from a large loss due to a Cyber event/breach
is by procuring a robust cyber insurance policy," he added.

While companies should invest in new age technologies such as Blockchain, AI &
ML, Data analytics that are equipped to monitor and respond effectively to
threats and also implement anti-ransomware tools. Even after implementing such
tools, security breach can happen, said Rakesh Jain, CEO, Reliance General
Insurance.



Read More: Significance of cyber insurance in today’s era of digital adoption

"Insurance is a crucial part of overall risk management of an organisation
providing post incident response and financial/crisis management support to
businesses. Therefore, while making insurance mandatory will be one of the first
steps towards protecting businesses, considering the evolving nature of
cybercrimes, the crucial aspect will be selecting a niche insurer that offers
product customisation to meet the business requirements," he explained.

Additionally, a cyber insurance will be beneficial in covering the extent of
damages which the organisations will be liable to pay as per the provision of
the new personal data protection bill which is in the draft stage, he added.

Increasing awareness around data security

We currently observe that close to 90%+ of customers are engaged in some form of
digital initiatives, Customers engagements are majorly moving toward Digital
platform. As Data security and customer centricity go hand in hand

organisations now give high importance towards securing customers data, said
Sanjay Datta, Chief of Underwriting, Claims and Reinsurance, ICICI Lombard.

"From our experience we have noticed that companies are focusing on enhancing
cyber security, Data privacy, investing in cyber awareness programs like
Phishing simulations, Cyber training, New age cyber threat preventing
technologies like Extended detection and response 'XDR', Endpoint detection and
response 'EDR'," he said.

While we have seen companies opting for cyber insurance comprehensive cover, but
every company who has important data of the customers should have a higher
coverage for cyber insurance policies, said Rakesh Goyal, Director, Probus
Insurance Broker.

"In terms of customer data things are likely to improve if we have a strong data
protection bill in India. Having said that, the national crime records bureau
shows that in 2021, a total of 52,974 cases were registered under cyber-crimes,
showing an increase of 5.9 per cent in registration over 2020. Insurance plays
an important part in terms of any cyber-attack," he said.

'Data monitoring solutions no longer sufficient'

The changes brought about by digitization pose a significant challenge to
businesses and society today. Due to the widespread usage of SaaS applications,
AI/ML technologies, and cloud computing, using data monitoring solutions is no
longer sufficient to safeguard customer data and maintain privacy, Satish
Gidugu, CEO at Medi Assist.

"For most companies, cyber insurance as part of their overall risk management
strategy is a wise investment. To maximise the advantages and lower the costs of
cyber-risk insurance, however, a number of actions should be taken. This
includes adherence to various guidelines and security measures before assessing
their own insurance needs," he added.

According to Gidugu, Independent of industry or company size, all businesses
must perform a cyber audit prior to buying a cyber insurance policy.

“By doing so, companies can assess the need for cyber insurance and learn about
their organisation's risk profile. This would result in buying a policy that
matches their needs and requirements to the best,” he added.


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EXCLUSIVE


5 TYPES OF HOME INSURANCE IN INDIA

Fire insurance gives you coverage against fi re, and covers both structure and
contents. Incidents like natural calamities and accidents are covered under a
fire insurance policy.

 * ET CONTRIBUTORS

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1.Home structure insurance covers the permanent structure of the house,
including kitchen, bathroom fittings and roof, from any kinds of dangers and
risks.

2.Contents insurance covers the contents inside the house, such as documents,
electronics, and jewellery, from damages and loss owing to theft, fire,flood,
etc.

3.Fire insurance gives you coverage against fire, and covers both structure and
contents. Incidents like natural calamities and accidents are covered under a
fire insurance policy.



4.Theft insurance covers any damages you might incur because of robbery. It
compensates you for stolen goods and valuables, as far as the insurer can
ascertain their value.

5.Landlords insurance is a special type of home insurance policy that covers
home owners against financial losses they might incur with rental properties.

Content on this page is courtesy Centre for Investment Education and Learning
(CIEL).
Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.


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EXCLUSIVE


PB FINTECH RALLIES 6% AMID BULK DEAL BUZZ

According to NSE data National Stock Exchange (NSE), 61.19 lakh shares worth Rs
291.46 crore were traded as of 11.30 am. On BSE, 3.57 lakh shares amounting to
Rs 17.07 crore exchanged hands, but block deal data is yet to come.

 * Pawan Nahar
 * ETMarkets.com

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New Delhi: Shares of PB Fintech rallied as much as 6% in early trade on Friday,
despite the buzz around a mega bulk deal by Japan's Softbank.

According to sources, the Japanese lender was looking to sell a 5% stake in
Policybazaar's parent to raise about Rs 1,000 crore via block deals.

As per a Tweet from ETNow, around 2.3 crore shares or 5.1% equity of PB Fintech
was traded on Monday in two block deals. However, ETmarkets.com could not verify
the same.




> #StocksInNews | PB Fintech in focus as 2.28 cr of its shares (5.1% equity)
> change hands in 2 block trades… https://t.co/hGzQIUlfG1
> 
> — ET NOW (@ETNOWlive) 1669952634000


According to NSE data National Stock Exchange (NSE), 61.19 lakh shares worth Rs
291.46 crore were traded as of 11.30 am. On BSE, 3.57 lakh shares amounting to
Rs 17.07 crore exchanged hands, but block deal data is yet to come.

Following this, shares of PB Fintech jumped about 6% to Rs 488.90 on Friday and
then gave up some gains.

Softbank had offered to sell up to 22 million shares at a base price of Rs 440,
a discount of 4.3% to the stock's closing price of Rs 460 on the NSE on
Thursday.

According to the shareholding pattern as of September 30, 2022, Softbank held
over a 10% stake in the insurance aggregator platform, and post the sale, is
likely to have around 5% stake in the company.

Citigroup is the sole book runner for the entire issue of PB Fintech, whose
shares have lost more than 70% of their value from its 52-week high.


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EXCLUSIVE


ISSUANCE OF ONE LICENSE FOR ALL INSURANCE COMPANIES, PROPOSES DEPT OF FINANCIAL
SERVICES

The Department of Financial Services(DFS) has additionally instructed permitting
insurers to control in multiple lines of business ranging from general, life,
and health and at the same time not having to hunt separate licences from the
regulator for every business.

 * ETBFSI

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The finance ministry has planned a slew of amendments to the insurance laws
ranging from granting insurers a composite licence to permitting them to sell
completely different monetary products, and increasing the retirement age of the
chairman and whole-time members of the Insurance regulatory and Development
Authority of Republic of India (Irdai).

The Department of Financial Services(DFS) has additionally instructed permitting
insurers to control in multiple lines of business ranging from general, life,
and health and at the same time not having to hunt separate licences from the
regulator for every business. However, they are supposed to meet the minimum
capital necessities. This might need associate degree modification to the
Insurance Act, 1938. Currently, insurers need separate licenses for life,
general and standalone health insurance business.

Upon meeting the eligibility criteria, the regulator may register the applicant
as an insurer and grant it a certificate of registration.



The DFS said in the proposed amendments, “Where the insurer carries on business
of more than one class or subclass of insurance, they shall keep a separate
account of all receipts and payments in respect of each such class or sub-class,
as may be specified by the regulations,”

It has also been proposed that insurance companies can sell other financial
products. Earlier only banks were allowed to sell insurance and mutual fund
products but insurers were only allowed to sell insurance products. Another
amendment suggested has been to increase the retirement age of whole-time
members and also the President to 65 years from 62 years currently.

Among other major changes that the DFS has proposed, it has also requested to
change the composition of the life insurance and general insurance councils.

It has also proposed that the councils should have seven representatives elected
in their individual capacity by firms that are members of the council, which
includes two eminent persons not connected to the insurance business, nominated
by the regulator and three persons to represent insurance agents, intermediaries
and policyholders, respectively; and, one representative of the central
government. Moreover, there will be one representative each from self-help
groups and insurance co-operative societies.




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EXCLUSIVE


LIC LAUNCHES WHATSAPP SERVICES: LIST OF SERVICES, HOW TO USE

For its registered LIC customers, the Life Insurance Corporation of India has
launched a few interactive WhatsApp features.

 * Sneha Kulkarni
 * ET Online

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Life Insurance Corporation of India has launched selected interactive WhatsApp
services for its registered LIC policyholders.

The insurance giant made the announcement via twitter on Friday.


> LIC launches its WhatsApp Services#LIC #WhatsApp https://t.co/vBO4c86xLr
> 
> — LIC India Forever (@LICIndiaForever) 1669960150000


How to avail LIC WhatsApp servicesPolicy holders who have registered their
policies on the LIC portal will be able to make use of these services on
WhatsApp by Saying ‘HI’ on Mobile no 8976862090.
Following screen will help policyholders to avail listed services. Choose the
option number for selection of services.

List of services offered on WhatsAppPlease select an option from the services
given below

 * Premium due
 * Bonus information
 * Policy status
 * Loan eligibility quotation
 * Loan repayment Quotation
 * Loan interest due
 * Premium paid certificate
 * ULIP -statement of units
 * LIC services links
 * Opt in/Opt out Services
 * End conversation

How to register LIC policy on LIC portalStep 1: Visit www.licindia.in and Click
on “Customer Portal”
Step 2: If you have not registered earlier for Customer Portal, click on “New
user”
Step 3: Provide the following details:
Step 4: Visit www.licindia.in, click on the tab “new User”, select your own
user-id and password and provide all the necessary information. Now you are a
registered Portal user.
Step 5: Click the "e-Services" tab, log in using the user ID you created, and
register your policies for using the e-services by filling out the provided
form.
Step 6: Print the form, sign it and upload the scanned image of the form.
Step 7: Upload the scanned image of PAN Card or Aadhaar Card or Passport.
Step 8: After verification by LIC offices, an acknowledgement e-mail and SMS
will be sent to you. Now you are ready to avail our e-services.
Step 9: Click on Submit button
Step 10: Choose the user id and password of your choice and submit.
Step 11: Login and click on the option of ‘Basic Services’ >“Add Policy”
Step 12: Enrol all your remaining policies.


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EXCLUSIVE


GOVT PROPOSES SCRAPPING MINIMUM CAPITAL FOR INSURERS

Scrapping of the statutory Rs 100 crore startup capital for life and general
insurance business and Rs 200 crore for reinsurance business, allowing different
kinds of insurers including captives, changing the investment provisions are
some of the major amendments proposed by the Indian government to the insurance
laws.

 * IANS

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Scrapping of the statutory Rs 100 crore startup capital for life and general
insurance business and Rs 200 crore for reinsurance business, allowing different
kinds of insurers including captives, changing the investment provisions are
some of the major amendments proposed by the Indian government to the insurance
laws.

The government also proposes to allow an insurer to provide services related or
incidental to insurance business and distribute other financial products as
specified by and subject to regulations.

The Department of Financial Services has put out the proposed amendments to the
Insurance Act 1938 and the Insurance Regulatory and Development Authority Act
1999 and has called for comments/ suggestions.



As per the proposals, the government is scrapping the provision of the Insurance
Act that stipulates the minimum capital of Rs 100 crore for life, general,
health insurance companies and Rs 200 crore for reinsurers.

In the place of statutory provision, the government proposes the sectoral
regulator -- Insurance Regulatory and Development Authority of India (IRDAI) --
the power to prescribe the minimum capital required considering the size and
scale of operations, class or sub-class of insurance business and the category
or type of insurer.

The government has also proposed to reduce the amount of net owned funds
required for an insurer to be registered to Rs 500 crore from Rs 5,000 crore.

The government has also proposed to give the IRDAI the power to specify the
qualifications and experience necessary for appointment of an actuary by an
insurer by regulations.

The IRDAI may, by regulations, specify the duties and powers of the actuary so
appointed by the insurer.

The government has also proposed to stipulate the minimum amount of motor third
party insurance policies to be underwritten by standalone motor insurance
companies that may be set up.


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EXCLUSIVE


SOFTBANK GROUP TO SELL 5% STAKE IN PB FINTECH ON FRIDAY: REPORTS

Through the sale, Softbank aims to raise Rs 1,000 crore

 * Vidya Sreedhar
 * ETMarkets.com

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Softbank Group is likely to sell a 5% stake in Policybazaar parent PB Fintech
Ltd through a block deal on Friday, according to reports.

Through the sale, Softbank aims to raise Rs 1,000 crore. After the sale, it will
hold a 5% stake in the online insurance aggregator.

Softbank is likely to sell 2.2 crore shares in the block deal, and the base
price for the same is Rs 440. The base price is at a discount of 4.5% to
Thursday’s close price of Rs 461.



More to come..



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EXCLUSIVE


VIEWS SOUGHT ON PROPOSED CHANGES TO INSURANCE ACT

The finance ministry noted that this is being done in view of the changing needs
of the insurance sector, and the comptehensive review of the legislative
framewotk goveming the sector has been done in consultation with IRDA and the
industry. "

 * ET Bureau

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India is proposing to remove the minimum Rs 100 crore paid up equity capital
requirements for carrying out life, general and health insurance business in the
country as part of a significant revamp of its insurance framework.

The finance ministry Wednesday invited comments on proposed amendments to the
Insurance Act, 1938 and Insurance Regulatory and Development Authority Act,
1999.

"The proposed amendments primarily focus on enhancing the financial security of
the policyholders, promoting policyholders' interests, improving returns to the
policyholders, facilitating entry of more players in insurance market leading to
economic gowth and employment generation," the finance ministry noted while
seeking comments from all stakeholders.



It further noted that the aim is to enhance efficiencies of the insurance
industry - operational as well as financial and enabling ease of doing business.
One of the proposed amendments is that insurer shall commence or carry on any
class or sub-class of insurance business unless it has such minimum paid up
equity capital as may be specified by regulations considering the size and scale
of operations, class or sub-class of insurance business and the category or type
of insurer.

"The proposal includes various measures such as opening up registration to
various classes, sub-classes and types of insurers with appropriate minimum
capital requirements as specified by IRDAI," it said noting that the last date
for sending comments is December 15.

The finance ministry noted that this is being done in view of the changing needs
of the insurance sector, and the comptehensive review of the legislative
framewotk goveming the sector has been done in consultation with IRDA and the
industry. "A number of suggestions have been received to enhance insurance
penetration, improve efficiency, and enable product innovation and
diversification," it noted.



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