IRDAI vide order bearing no. IRDAI/NL/De-tariff/196/11/2023 dated November 03, 2023 has given an order pertaining to constitution of the Task Force to suggest applicable framework post De-tariffication of erstwhile tariffs. IRDAI has examined the recommendations of the Working Group constituted for suggesting the regulatory framework post de-notification of existing tariffs. Post de-notification conduct shall be guided by principle-based guidelines. Insurers are already stand enabled on product design with “Product Filing Guidelines for General Insurance Business”.
Since, De-tariffication needs de-notification of existing tariffs by the authority and publish the same in the official gazette, it is decided to constitute a Task Force, under chairmanship of Shri Rajendra Beri, Member, Insurance Advisory Committee (IAC), consisting of representative from the following:
- New India Assurance Co. Ltd;
- HDFC Ergo General Insurance Co. Ltd;
- Bajaj Allianz General Insurance Co. Ltd;
- Go Digit General Insurance Co. Ltd;
- Royal Sundaram General Insurance Co. Ltd;
- General Insurance Corporation of India;
- Shri Randip Singh Jagpal, ED(NL), Member Convener;
The task force shall suggest broad prudential guidelines and address associated critical operational aspects as a guidance to Insurers.
The following are the terms of reference for the Task Force:
- To recommend principle-based framework of matters to be addressed.
- To suggest draft of guidelines for de-notified lines of business.
They shall submit their recommendations within three weeks from date of this order.
Source category: IRDAI
Attachments
- /2023/301_Constitution_of_the_Task_Force_to_suggest_applicable_framework_post_De-tariffication_of_erstwhile_ta
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