The Indian GST authorities are investigating a wider issue involving the alleged offering of fictitious services and fraudulent tax credits, which the demand forms part of.
The Monetary Authority of Singapore fined Swiss Life and three banks for inadequate anti-money laundering and counter-terrorist financing controls, but found no evidence of willful misconduct.
Reports claim that Tokio Marine, Sompo, Mitsui Sumitomo, and Aioi Nissay Dowa conspired to offer fire insurance premiums which were significantly different from past policies.
The proposed changes relate to internal capital adequacy assessment and actuarial matters, but are technical clarifications and do not present a material change in policy.
Debasish Panda told Bloomberg that the IRDAI is looking into further law amendments including capital requirements, registrations, and value-added services.
