The Insurance Regulatory Development Authority of India (IRDAI) on January 23, 2024, denotified regarding the Arbitration clause in all tariff products under Fire, Motor, and Engineering, Workmen’s Compensation, and other classes of insurance business
The following has been stated namely: -
• It states that the Arbitration clause related provisions in the tariff general regulations, terms, conditions, clauses, warranties, policy, add-ons, endorsement wordings and proposal form applicable to the risks of insurance business governed by the erstwhile Tariffs stand de-notified with effect from October 27, 2023.
• it further states that with effect from October 27, 2023, insurance risks contracts mentioned provision regarding the Arbitration clause shall be subject to the circular issued in this regard by the Authority and amended from time to time.
[Notification No. F. No. IRDAI/Gen Insurance/Tariff/1/195/2024]
