DSCL DECIDES NOT TO VENTURE INTO INSURANCE
Article Abstract:
The DCM Shriram Consolidated Ltd (DSCL) has backed out from its earlier decision to enter insurance sector. The Company had signed a memorandum of understanding with Royal and Sun Alliance (RSA) to make foray into insurance sector. Based on the Malhotra Committee recommendations, the company had earlier decided to invest Rs15 crore in the insurance sector. But under the proposed insurance bill with foreign equity capital fixed at 26 percent, DSCL has to invest more in the sector. Unwilling to invest more DSCL has dropped the idea of entering the insurance sector. RSA is scouting for a new partner. DSCL will now focus on its core business. (um)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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GIC MAY FACE HIGHER TAX OUTFLOWS
Article Abstract:
The income tax liability of General Insurance Corporation (GIC) may increase if the government cancels tax concessions given to it. The finance minister has stated that those sections of the Income Tax Act with inherent loopholes to tax payment with relation to general insurance companies would be removed. The minister plans to do away with certain separate provisions for insurance companies under Rule 5 of the first schedule.(uh)
Comment:
May incur increase in income tax liability if Indian govt cancels tax concessions given to the company
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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ORIENTAL INSURANCE'S CLAIMS-PAYING ABILITY
Article Abstract:
Industrial Investment Credit Rating Agency (ICRA) has given IAAA rating to the claims-paying ability of Oriental Insurance Company Ltd. It is the highest of ICRA ratings. The rating does not refer to any particular type of policy or contract. It shows its Government ownership, strong investment portfolio, conservative reinsurance philosophy and comfortable level of loss and premium reserves. (um)(psr)
Comment:
Industrial Investment Credit Rating Agency (ICRA) has given IAAA rating to the claims-paying ability of Oriental Insurance Company Ltd.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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