The modest Rajasthan demand adds to a growing GST dispute position for ICICI Prudential Life, which faces total exposure of 9.84bn rupees following February's dismissed appeal.
Indian insurers continue to face escalating tax scrutiny as Go Digit becomes the latest to receive a sizeable demand order, prompting plans for an appeal.
Ratings agency flags ongoing FX exposure and higher funding needs ahead of new capital standards, with asset-intensive reinsurance yet to gain traction.
The order is the largest in a series of income tax demands hitting India's life insurers, as the tax authority challenges the sector's treatment of reserves, fund losses, and exemption claims.
The proposals would require agencies to set clearer standards for recommendations, give customers fuller explanations and strengthen internal oversight.
