The recent IRDAI notification, dated March 20, 2024, has denotified several prevailing insurance tariffs, including Fire Insurance Tariffs (excluding All India Fire Tariff, 2001), All India Motor Tariff, various Engineering Insurance Tariffs, Deterioration of Stocks-(potato) Insurance, Workmen’s Compensation Insurance Tariffs, and Tea Tariff. However, insurers are not allowed to withdraw or discourage the use of existing tariff products.
Effective April 1, 2024, the coverage of risks previously under these tariffs will be governed by the IRDAI (Insurance Products) Regulations, 2024, and the Master Circular (Guidelines) on products and procedures in general insurance business.
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