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of <h1>Life Insurance Auxiliary Services Taxable Since 2002 Under Section 65(105)(zy); Insurers Liable for Service Tax</h1> Insurance auxiliary services related to life insurance, effective from August 16, 2002, are taxable under section 65(105)(zy). These services, provided by actuaries, intermediaries, or insurance agents to policyholders, insurers, or re-insurers, include risk assessment, claim settlement, and loss assessment. The insurer or re-insurer is liable for the service tax. Definitions for actuary, insurance agent, insurance auxiliary service, intermediary, insurer, and life insurance business are specified under relevant sections of the Insurance Act, 1938, and the Insurance Regulatory and Development Authority Act, 1999. A circular issued on August 23, 2007, supersedes previous clarifications on service tax matters.
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