However, several of the recommendations relate to the issuance of regulations by the Insurance Regulatory Authority. Eighth, on issues relating to auditing, amendments are needed in respect of Companies Act, Income-tax Act and Chartered Accountants Act. Ninth, the compliance with the Report on Data Dissemination needs no legislative change.
It might also be, at least in part, a reflection; in America, of the long period of relatively high capacity utilisation; in Germany, of the steep rise in labour costs during the first half of the nineties, and of the shedding of labour thereafter.