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Irda Bars Early Policy Renewal

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Freny Patel BUSINESS STANDARD

The Insurance Regulatory and Development Authority (IRDA) has directed insurance companies not to allow companies to renew their insurance policies before the due date.

Many companies were planning to advance the renewal ahead of April 1 to avoid the higher 8 per cent service tax on insurance premiums imposed in the Budget for 2003-04.

The insurance regulator

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First Published: Mar 15 2003 | 12:00 AM IST

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