The Insurance Regulatory and Development Authority of India (IRDAI) on March 21, 2024, issued a notification regarding the de-notification of all tariffs notified by the erstwhile Tariff Advisory Committee under the omitted section 64UC of the Insurance Act, 1938.
The following notifications shall stand de-notified from April 01, 2024:
• Fire Insurance Tariffs (other than All India Fire Tariff, 2001 which was already de-tariffed vide notification dated 28th December, 2020), namely
o All India Fire Tariff
o Industrial All Risks Tariff
o Consequential Loss (Fire) Tariff
o Petro-chemical Tariff
o List of Hazardous Goods
• Motor, namely All India Motor Tariff
• Engineering Insurance Tariffs, namely;
o Contractors All Risk Insurance
o Contractors Plant and Machinery Insurance
o Machinery Breakdown Insurance
o Electronic Equipment Insurance
o Civil Engineering Completed Risks Insurance
o Erection All Risk/Storage Cum Erection Insurance
o Loss of profit (MB & BLOP) Insurance
o Boiler and Pressure Vessels Insurance
o Deterioration of Stocks-(potato) Insurance
• Miscellaneous, namely Workmen’s Compensation Insurance Tariffs.
• Marine, namely Tea Tariff.
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.
It is hereby further notified that effective April 01, 2024, the coverage of risks coming within the scope of the de-notified tariffs stated 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.
[Notification No. IRDAI//Gen Insurance/Tariff/13/207/2024]
