Mumbai, August 18: The Insurance Regulatory and Development Authority (IRDA) today extended the deadline for all insurance companies to collect PAN for high-value insurance products to September 1, 2009.
The insurance regulator in July this year asked all insurers to collect PAN from all persons purchasing insurance products where the contracted annual premium payable on the insurance policies, per policy basis, exceeds Rs one-lakh.
IRDA asked insurers to comply with the directions by August 1.
“Many insurers have expressed difficulty in meeting with the deadline of August 1 for collecting PAN and requested an extension. Taking their representations into consideration, the deadline is now extended to September 1,” IRDA said.
Insurers also asked for waiving the requirement of submitting PAN for persons with only agricultural income and NRIs with no assessed income under the IT Act, 1961, as they are exempted from the requirement of PAN.
“It is now decided that insurers shall insist on PAN from all persons who are required to obtain the same under the provisions of IT Act, 1961,” the regulator said.
“Insurers shall, however, collect a signed declaration from persons exempted from the requirement of PAN, stating the provisions of the IT Act under which they have been exempted,” IRDA said. .
—Agencies