GIC of India , a leading reinsurance company, has announced a significant change in its leadership team. Ms. Jayashri Balkrishna has assumed the office of Executive Director at GIC of India, bringing a wealth of experience and expertise to the role.

A Seasoned Professional Takes the Helm

Ms. Balkrishna's appointment marks a new chapter for GIC of India, as she brings an impressive academic background and extensive industry experience to her new position. Her credentials include:

• Post-Graduate degree in Commerce from Mumbai University
• Fellow of the Insurance Institute of India (FIII)
• Associate of the Chartered Insurance Institute (ACII), London

Diverse Experience Within GIC of India

Throughout her tenure at GIC of India, Ms. Balkrishna has demonstrated her versatility and leadership across various critical functions:

• Investments operations and accounts
• Reinsurance operations, including claims management
• Audit department oversight
• Budgeting and forecasting
• Corporate communications
• Credit rating management
• Broker relationship management
• Investor relations

Recent Roles and Responsibilities

Prior to her appointment as Executive Director, Ms. Balkrishna served as the Chief Risk Officer (CRO) of the Corporation. In this role, she oversaw several key areas:

• Enterprise Risk Management
• Corporate Social Responsibility initiatives
• Investment Mid and Back Office operations
• Management of Investment Non-Performing Assets (NPAs)

Commitment to Transparency and Governance

In line with regulatory requirements, GIC of India has confirmed that Ms. Balkrishna is not related to any existing Directors of the Corporation. Furthermore, she has not been debarred from holding the office of Director by any SEBI Order or other authority, underscoring the company's commitment to good governance practices.

Stake in the Company

As of her appointment, Ms. Balkrishna holds 1,222 equity shares in GIC of India, aligning her interests with those of the company's shareholders.

The appointment of Ms. Jayashri Balkrishna as Executive Director signals GIC of India's continued focus on leveraging experienced leadership to drive its strategic objectives in the competitive reinsurance landscape. Her diverse skill set and deep understanding of the corporation's operations position her well to contribute to GIC of India's future growth and success.

GIC of India , India's national reinsurer, has encountered a significant tax challenge in its international operations. The company's Dubai branch has received a Value Added Tax (VAT) demand notice of approximately Rs 90.42 crore from the Federal Tax Authority of the United Arab Emirates (UAE).

VAT Discrepancies Uncovered

The notice pertains to discrepancies found in VAT returns filed by GIC Re's Dubai branch over a three-year period, spanning from January 2018 to December 2020. This development highlights the complexities and scrutiny faced by international branches of Indian insurance companies operating in foreign tax jurisdictions.

GIC Re's Response

In response to this substantial tax demand, GIC Re has announced its intention to file a reconsideration request with the UAE's Federal Tax Authority. This move suggests that the company may contest the findings or seek clarification on the alleged discrepancies in its VAT returns.

Financial Impact

Despite the sizeable amount involved in the tax demand, GIC Re has stated that there is no material impact on its financials or operations. This assertion indicates that the company is well-prepared to address such regulatory challenges without significant disruption to its business activities.

Implications for Indian Insurers Abroad

This incident underscores the importance of rigorous compliance with local tax regulations for Indian insurance and reinsurance companies operating in foreign markets. It also highlights the need for robust financial reporting and tax management systems to avoid such regulatory issues.

As the situation unfolds, stakeholders will be closely watching how GIC Re navigates this tax challenge in the UAE, and whether it will lead to any changes in the company's international tax compliance strategies or operational practices in its overseas branches.