IRDAI is empowered to de-notify tariffs previously notified by the Tariff Advisory Committee. In this regard, IRDAI, vide notification dated March 20, 2024, denotified the following insurance tariffs with effect from April 1, 2024:
- fire insurance tariffs, namely, all India fire tariff, industrial all risks tariff, consequential loss (fire) tariff, petro-chemical tariff, list of hazardous goods;
- all India motor tariff;
- engineering insurance tariffs, namely, contractors all risk insurance, contractors plant and machinery insurance, machinery breakdown insurance, electronic equipment insurance, civil engineering completed risks insurance, erection all risk/storage cum erection insurance, loss of profit (MB & BLOP) insurance, boiler and pressure vessels insurance;
- deterioration of stocks-(potato) insurance;
- workmen's compensation insurance tariffs; and
- tea tariff.
The coverage of risks coming within the scope of the denotified tariffs are subject to IRDAI (Insurance Products) Regulations, 2024 and the Master Circular (Guidelines) on products and procedures in general insurance business. It is clarified that an insurer cannot withdraw or discourage the use of or decline to offer to any customer any of the tariff products which are in existence, prior to this notification.
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