NEW DELHI, Aug 30 — An Indian tax agency has found that British insurer Aviva breached local regulations capping commissions to sales agents with a system of fake invoices and...
NEW DELHI, Aug 30 — An Indian tax agency has found that British insurer Aviva breached local regulations capping commissions to sales agents with a system of fake invoices and clandestine cash payments, according to a notice seen by Reuters.
Details of the notice, which is not public, are reported by Reuters for the first time. Such “show cause” notices typically require companies to explain why authorities should not issue penalties for their alleged acts. The 205-page report included screenshots of emails and WhatsApp messages between Aviva executives and insurance distributors, in which they discussed ways to skirt compensation regulations. It also contained summaries of interviews conducted by tax officials with executives like Aviva India chief financial officer Sonali Athalye, who described how payments were made.
Nonetheless Aviva, which sells individual life insurance products and corporate plans in India, sees the world’s most populous nation as a growth market.
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