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`Restore tax exemption on reinsurance'

Our Bureau

Kochi , March 10

The General Insurance Officers All India Association has appealed to the Union Government to restore the tax exemption on reinsurance premium.

Most of the general insurance business is reinsured with foreign insurers. The burden of service tax will have to be borne by the Indian companies. Hence, the Budget proposal to withdraw the service tax exemptions on reinsurance premium is against the interest of general insurance companies.

Due to increase in the service tax rate to 12 per cent from 10.2 per cent, there will be a hike in all the general insurance policy premiums, the association said.

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