The Authority has published a notification in the Gazette of India bearing F. No. IRDAI/Gen Insurance/Tariff/13/207/2024 (‘Notification’) on March 20, 2024, de-notifying the various tariff products. This Notification impacts Fire, Motor, Engineering, Workmen’s Compensation, and other classes of insurance business.
Earlier, the Authority exercised its powers vested under clause (i) of sub-section (2) of Section 14 of the IRDA Act, 1999 and issued a notification bearing reference no: Ref.034/IRDA/De-Tariff/Dec-06 dated 04 th December 2006 which specifies that the tariff general regulations (other than those relating to 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 which were then under tariffs (‘Erstwhile tariffs’) would continue until further orders.
The following prevailing tariffs products stands entirely de-notified and no longer in force effective from April 01, 2024:
A. Fire Insurance Tariffs (other than All India Fire Tariff, 2001) namely:
i. All India Fire Tariff
ii. Industrial All Risks Tariff
iii. Consequential Loss (Fire) Tariff
iv. Petro-chemical Tariff
v. List of Hazardous Goods
b. Motor namely All India Motor Tariff
c. Engineering Insurance Tariff, 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 Risks/Storage Cum Erection Insurance
v. Loss of Profit (MB & BLOP) Insurance
vi. Boiler and Pressure Vessels Insurance
vii. Deterioration of Stocks-(potato) Insurance
d. Miscellaneous, namely Workmen’s Compensation Insurance Tariffs
e. Marine namely Tea Tariff
A copy of the notification is attached herewith for your reference.
Source category: IRDAI
Attachments
- /2024/367_IRDAI_Notification_on_denotifying_various_tariff_product_.pdf
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