Economy News Notes:

Insurance Regulatory and Development Authority of India Chairman J. Hari Narayan warned the industry against engaging in unhealthy competition post de-tariffing.
The broking industry too would get affected if this goes on
Pointing that the onus squarely lies with the insurance companies, Mr. Narayan said there was no reason why everybody should be competing on prices at a time when the market had grown rapidly over the last few years.
He mentioned in this regard that in countries such as Germany and Korea, where a similar trend was noticed, regulation of tariffs was reintroduced with a floor being fixed for tariffs.
Companies should be bound by under-writing principles instead of fighting for top-line alone
To a question on whether the Third Party Administrators (TPAs) were making a mockery of the entire system, Mr. Narayan said the regulator was not in favour of abolishing the system but was keen to reform and restructure the system of settling claims in a more equitable manner.

The Comptroller and Auditor-General (CAG) has said 90 per cent of the country's income tax arrears are owed by just a dozen individuals
Hasan Ali Khan, Chandrika Tapuriah, wife of his associate Kashi Nath Tapuriah and the late stock broker, Harshad Mehta are on the the top list.