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.
Group life insurance and reinsurance segments posted strong growth, offsetting flat insurance revenue and losses in Hong Kong property and casualty operations.
Whitepaper finds there has been a tenfold surge in AI lawsuits and notes that traditional insurance often fails to cover key risks from AI errors, hallucinations, and systemic faults.
The proposals would require agencies to set clearer standards for recommendations, give customers fuller explanations and strengthen internal oversight.
