IRDAI de-notifies insurance tariffs

The IRDAI vide notification dated 20 March, 2024 has denotified all the following prevailing insurance tariffs :

  1. Fire Insurance Tariffs (other than All India Fire Tariff, 2001 which was already de-tariffed vide notification dated 28th December, 2020), namely: All India Fire Tariff, Industrial All Risks Tariff, Consequential Loss (Fire) Tariff, Petro-chemical Tariff, List of Hazardous Goods.
  2. All India Motor Tariff:
  3. Engineering Insurance Tariffs, namely; Contractors All Risk Insurance, Contractors Plant and Machinery Insurance, Machinery Breakdown Insurance, Electronic Equipment Insurance, Civil Engineering Completed Risks Insurance, Erection All Risk/Storage Cum Erection Insurance, Loss of profit (MB & BLOP) Insurance, Boiler and Pressure Vessels Insurance.
  4. Deterioration of Stocks-(potato) Insurance
  5. Workmen’s Compensation Insurance Tariffs
  6. 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 01.04.2024, the coverage of risks coming within the scope of the denotified tariffs shall be subject to the IRDAI (Insurance Products) Regulations, 2024 and Master Circular (Guidelines) on products and procedures in general insurance business.