In exercise of the powers conferred by sub section (1) of section 64 ULA of the Insurance Act, 1938, which provides for de-notification of all tariffs notified by the erstwhile Tariff Advisory Committee under the omitted section 64UC of the Act, and which continue to be in force.
1.It may be noted that in the year 2006, pursuant to withdrawal of tariffs by the Tariff Advisory Committee, the Insurance Regulatory and Development Authority of India (“Authority”) in exercise of the powers vested in it under clause (i) of sub section (2) of section 14 of the IRDA Act, 1999, issued notification Ref.034/IRDA/De-Tariff/Dec-06 dated 4th December, 2006 that the general regulations (other than those relating to premiums/ premium rating), terms, conditions, clauses, warranties, policy and endorsement wordings applicable to certain classes of business such as Fire, Engineering, Motor, Workmen’s Compensation and other classes of insurances under the relevant Tariffs shall continue to be followed until further orders.
2. Now, in exercise of the powers conferred by sub section (1) of Section 64 ULA of the Insurance Act, 1938, the Authority hereby notifies that all the following prevailing tariffs :
a) Fire Insurance Tariffs (other than All India Fire Tariff, 2001 which was already de-tariffed vide notification dated 28th December, 2020), namely
i. All India Fire Tariff
ii. Industrial All Risks Tariff
iii. Consequential Loss (Fire) Tariff
iv. Petrochemical Tariff
v. List of Hazardous Goods
b) Motor, namely All India Motor Tariff
c) Engineering Insurance Tariffs, namely;
i. Contractors All Risk Insurance
ii. Contractors Plant and Machinery Insurance
iii. Machinery Breakdown Insurance
iv. Electronic Equipment Insurance
v. Civil Engineering Completed Risks Insurance
vi. Erection All Risk/Storage Cum Erection Insurance
vii. Loss of profit (MB & BLOP) Insurance
viii. Boiler and Pressure Vessels Insurance
ix. Deterioration of Stocks-(potato) Insurance
d) Miscellaneous, namely Workmen’s Compensation Insurance Tariffs.
e) Marine, namely Tea Tariff
stand entirely de-notified and no longer in force effective 01.04.2024.
3. It is however clarified that no insurer shall at any time withdraw or discourage the use of or decline to offer to any customer any of the tariff products which have been in existence prior to this notification.
4. It is hereby further notified that effective 01.04.2024, the coverage of risks coming within the scope of the denotified tariffs stated in paragraph 2 above shall be subject to the IRDAI (Insurance Products) Regulations, 2024 and Master Circular (Guidelines) on products and procedures in general insurance business, as specified by the Authority.
policyholders and maintaining regulatory compliance, thereby, fostering a competitive marketplace.
IRDAI (Registration and Operations of Foreign Reinsurers Branches & Lloyd’s India) Regulations, 2024
The IRDAI (Registration and Operations of Foreign Reinsurers Branches & Lloyd’s India) Regulations, 2024 consolidate two regulations and aims to foster the systematic development of the reinsurance sector in India by promoting orderly growth and harmonizing the existing legal and regulatory framework. These regulations seek to streamline the operations of entities engaged in reinsurance operations. By promoting transparency and stability, these regulations aim to create a conducive environment for the growth and expansion of the reinsurance sector, ultimately benefiting both insurers and policyholders in India.
IRDAI (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024
The IRDAI (Actuarial, Finance, and Investment Functions of Insurers) Regulations, 2024 consolidate nine regulations into a single framework focused on enhancing the efficiency and responsiveness of insurers’ actuarial, finance, and investment functions. The objectives of these regulations include ensuring the implementation of sound and responsive management practices for effective discharge of actuarial, finance, and investment functions, safeguarding policyholders’ interests, and promoting ease of doing business. Additionally, the regulations emphasize the preparation and reporting of regulatory returns in accordance with applicable standards to provide transparency and accuracy in assessing the insurer’s state of affairs, thereby safeguarding policyholders’ interests and facilitating ease of doing business within the insurance sector.
IRDAI (Protection of Policyholders’ Interests and Allied Matters of Insurers) Regulations, 2024
The IRDAI (Protection of Policyholders’ Interests and Allied Matters of Insurers) Regulations, 2024 consolidate eight regulations into a unified structure, focusing on several key objectives aimed at ensuring fair treatment of prospects during solicitation and sale of insurance policies and protecting the interests of policyholders throughout their engagement with insurers and distribution channels. These regulations emphasize the adoption of standard procedures and best practices by insurers and distribution channels to fulfil their obligations towards policyholders, including grievance redressal and policyholder-centric governance. Additionally, the regulations aim to promote prudent practices in risk management related to outsourcing activities by insurers. Furthermore, the regulations ensure that the opening or closing of places of business by insurers, both domestically and internationally, is conducted in a manner that prioritizes the interests of policyholders.
In conclusion, all of these measures are poised to propel the Indian insurance industry towards greater efficiency and effectiveness leading towards the vision of Insurance for All by 2047.
