Illegal commission to get business!
An informative and interesting front page lead report on the matter was published by a local financial daily on 4th January. It only indicates that instead of paying due taxes on premium income, insurance companies avoid it, to sweeten the palm of the insurers, and possibly themselves too, through clever play of financial figures and supporting paper, making their black deed white! Instead insurance company authorities show it as fictitious costs, and create a 'slush fund', and to satiate the insurer's greed, you pay more and more illegal commission on premiums, beyond the limit set for it!
It seems from the report that our 'general insurance' managers have developed considerable skills and expertise to generate and manage such shadow 'slush funds'! It only adds one more 'feather of defame' in the caps of all our experts (?) who manage these "number two" funds successfully, without anyone being the wiser!
All said and done, the matter was an eye-opener for this reader, an ordinary citizen. It is up to the authorities, to take the time and trouble, to get to the roots of the matter; identify the players involved in this "commission game" and take them to task, which should be their just due!
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