Page 29 - Life Insurance Today FEBRUARY 2016

concerned of the respective State Governments who
would be overseeing the efforts being made to mitigate
the suffering and loss of the victims. It is informed that
the Nodal Officer in the State of Tamil Nadu is Shri
Atulya Mishra,I.A.S., Principal Relief Commissioner.
3. Initiate immediate action to ensure that all reported
claims are registered and eligible claims are settled
expeditiously.
4. With regard to claims involving loss of life, where
difficulty is experienced in obtaining a death
certificate due to non-recovery of body etc., the
process followed in the case of the recent Jammu &
Kashmir (J&K) floods in 2014 may be considered.
5. A suitably simplified process/procedure including
relaxations in the usual requirements wherever
feasible may be considered to expedite claims
settlement.
6. Initiate, inter alia, the following proactive measures
to let the policyholders / beneficiaries access the
services of insurance companies.
a. A dedicated toll free number
b. A dedicated e-mail Id
c. Contact Address of the local offices, if any.
7. Details of offices/special camps set up for the purpose
may be publicized in the press, electronic media etc to
enable immediate filing of claims. Details of such
publicity activities may be sent to the Authority,
immediately.
8. The details of operations and actual functioning of all
branches/offices of life insurance companies in the
affected areas of both the States may be provided
immediately.
9. State wise progress report on the claims settled for
States of Tamil Nadu, Puducherry and Andhra Pradesh
shall be submitted on daily basis by 1 PM for data up
to previous day, in the link provided by IRDAI
separately by mail.
10. PMJJBY claims data need to be submitted separately
while including the same in total claims.
Member (Life)
"Be the change that you wish to see in the world."
Life Insurance Today February 2016
Copyright@ The Insurance Times. 09883398055 / 09883380339
Registration and submission of information to
CBDT for compliance with obligations under
Foreign Account Tax Compliance Act (FATCAI/
Common Reporting Standards (CRS)
Ref: IRDA/F&A/Cir/GLD/222/12/2015
Date: 22-12-2015
1. The Authority, vide circular dt. 31.12.2014, had
advised all insurers (excluding GIC) to get them
registered with the United States Internal Revenue
Service (US-IRS) and obtain a Global Intermediary
Identification Number (GIIN), in order to avoid with-
holding of tax on payments made to specified entities/
individuals. The agreement with the US government
was then at discussion and negotiation stage.
2. The government of India has since, entered into an
Inter Governmental Agreement (IGA) with the United
States of America on 9th July, 2015. India has also
become a part of the Multilateral Competent
Authority Agreement (MCAA) on 3rd June, 2015 for
Automatic Exchange of Information (AEOI) on a
mutual basis.
3. As a part of enabling legal framework to ensure
compliance with obligations under the above
agreements, the Central Board of Direct Taxes (CBDT)
has notified the set of new Rules 114F to 114H to the
Income Tax Rules, 1962 vide notification of Income
Tax (11th Amendment) Rules, 2015 dt. 7th August,
2015.
4. The Rules have introduced definitions of certain new
terms (Rule 114F), collection, recording and reporting
of information (Rule 114G) and due diligence
requirements (Rule 114H). A format of reporting the
information of Reportable Accounts by the Reporting
Financial Institutions, Form 61B has also been notified
as a part of the Rules. Further, vide notification dt.
25th August, 2015, the CBDT has notified the
procedure for registration on their e-filing website and
filing reports under digital signature.
Guidance notes on implementation of reporting
requirements under Rules 114F to 114H of the Income
Tax Rules have also been issued by the CBDT. The
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