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General insurer ICICI Lombard has been fined Rs. 5.66 crore demand notice has been received. ICICI Lombard General Insurance said it has received a GST demand notice of Rs 5,66,02,264 from the Joint Commissioner of CGST (Central GST) and Central Excise, Bhopal.
A penalty of Rs 56.60 crore has also been imposed on ICICI Lombard. The total demand including GST and penalty is Rs. 6.22 crores. Apart from this, interest has also been levied under Section 50 of the GST Act. “It will appeal against this order,” the company said. ICICI Lombard said the alleged GST demand was made due to discrepancies in the calculation of input tax credit for the company and the filing of returns.
Premium income of life insurance companies to increase by 13 per cent in 2022-23: IRDAI
Premium income of life insurance companies increased by 12.98 percent in the last financial year to Rs. 7.83 lakh crore, while the premium income of general insurance companies increased by 16.4 percent to Rs. 2.57 lakh crores. Insurance regulator IRDAI gave this information in its annual report on Wednesday.
The Insurance Regulatory and Development Authority of India (IRDAI) said in its annual report 2022-23 that private sector life insurance companies reported a premium increase of 16.34 per cent while public sector life insurance companies reported a premium increase of 10.90 per cent. .
Of the total premium income of life insurance companies, the share of renewal premiums of old policies was 52.56 per cent, while premiums of new policies contributed 47.44 per cent. However, new policy premiums registered a growth of 17.90 per cent, while renewal business grew at the rate of 8.88 per cent.
IRDAI said that in the financial year 2022-23, life insurance companies issued 284.70 lakh new policies in the individual segment. Public sector insurance companies issued 204.29 lakh policies (71.75 per cent) and private life insurance companies issued 80.42 lakh policies (28.25 per cent).
The net profit of the life insurance industry increased five-fold in the last financial year to Rs. 42,788 crore, which was Rs. 7,751 crore was Among these, the public sector profit was 800 percent while private insurance companies registered an overall increase of 72.36 percent.