Life Insurance: Tax dept to recover Rs. 3 bn tax from life insurers: Reports
Life insurers agreed that there have been enquiries about commission paid to corporate agents Read more
metlife insurance
IRDA slaps penalty of Rs 76 lakh on Metlife Insurance
Insurance regulator IRDA has imposed a penalty of Rs 76 lakh on Met Life India Insurance Company for violation of various regulations, Â including gaps in policy administration system.
“…I hereby direct the insurer (Met Life) to remit the penalty of Rs 76 lakh, by debiting share holders’ account …,” the order signed by IRDA Â chairman J Harinarayan said. Read more
Insurance cos get tax evasion summons
The finance ministry has issued summons to about a dozen insurance firms seeking documents pertaining to sale of insurance policies and  commission paid to their field associates as part of its probe into alleged service tax evasion of over Rs 300 crore.
Official sources said that firms, including Birla Sun Life Insurance, ICICI Prudential, HDFC Life Insurance, MetLife Insurance and Reliance  Life Insurance Company among others have been issued summons by Directorate General of Central Excise Intelligence (DGCEI), an  intelligence arm under the finance ministry. Read more
IRDA imposes fine of Rs.2 lacs on MetLife India Insurance
IRDA has imposed a fine of Rs. 2 lac on Metlife India Insurance for delay in issue of policy and violation of IRDA Guidelines. Read more