Page 30 - Life Insurance Today FEBRUARY 2016

same are being reviewed for revision, if required. spot reference rates published by the Foreign
These notifications are available on the website Exchange Dealers Association of India (FEDAI) on
www.incometaxindia.gov.in their website on the following link: http://
www.fedai.org.in/RevaluationRates.aspx.
5. All insurers (including GIC) are hereby advised to
register on the e-filing portal of the income tax (iv) All the insurers are advised to develop suitable IT
department and take the necessary steps to comply systems for generating and maintaining the
with the reporting requirements. information relating to the reportable accounts
and also for carrying out the due diligence
The submissions have to be made under the digital procedures. The IT systems should also provide
signature of the Designated Director as defined in the adequate functionality for audit.
Rules referred above. The reporting is to be made by
uploading of Form 61B or 'NIL' report as applicable. (v) The requirements and obligations stipulated
under the Income Tax Rules are towards
6. Compliance and Reporting under FATCA/ CRS: implementation of the provisions of the FATCA and
(i) Insurers would have to segregate the reportable CRS and are based on agreements of the
accounts into 'pre-existing' and 'new' and also Government of India with the USA and other
separately identify the individual and entity countries.
accounts as defined in the Rule 114H, for
compliance with the applicable due diligence Therefore, appropriate Corporate Governance
procedures. mechanism to ensure the compliance with the
reporting requirements must be put in place with
(ii) All Insurers (Reporting Entities) must undertake a oversight of the MD/ CEO and the Designated
value search for new accounts opened after Director or any equivalent official of the insurers.
September 1, 2015 and up to October 31, 2015,
by December 31, 2015. The complete due Insurance Companies are advised to place this
diligence wherever required, in case of such communication before their Board and take the required
accounts, must be completed by the 31st March, initiatives for compliance with the directions/ obligations
2016. Insurers shall also ensure the on-boarding of as envisaged under the notifications.
all new accounts opened on or after November 1,
2015 based on FATCA/ CRS compliant forms and These directions are issued under Section 14 (2) of the
documentation. IRDA Act, 1999 and any non-compliance with the same
shall be liable to appropriate regulatory action.
(iii) For ascertaining the value of Reportable Accounts
in INR terms, the value searches on various dates (V R Iyer)
as indicated in the Rules, insurers may refer the Member F&I

Future Generali hiring housewives as insurance agents

Future Generali Life Insurance Company has been reaching out to housewives who are frequent visitors to shopping
malls to portray the role of insurance agents or advisors. "We have got encouraging response from women. About
100 housewives have already become insurance agents for us," Munish Sharda, Managing Director and Chief Execu-
tive Officer, Future Generali Life Insurance told. The rationale behind the move is interesting. There has been a dearth
of youngsters who wish to take up sale of insurance as a profession and it makes sense to supplement the marketing
efforts by enlisting housewives who might have some free time to sell insurance between their daily chores.

"Actually, this is a profession where one can work selectively. Once you understand the product and its relevance to
customers properly, it should not be a difficult task as levels of awareness about insurance has been fast growing. This
suits housewives," he said. According to V. Manickam, Secretary-General, Life Insurance Council, the move to rope
in housewives is relevant for the industry as well as society. "It is welcomed as a lady can easily convince another lady
than a man on the need for saving and having social security. The household savings with women can be tapped while
offering social security for the family or the kids," he said.

30 February 2016 Life Insurance Today

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