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Thread: Tariff and De-Tariff of motor insurance?

  1. #1
    PolicyWala NewBie
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    Default Tariff and De-Tariff of motor insurance?

    What is this Tariff and De-Tariff of motor insurance?


  2. #2
    PolicyWala Fan rohit's Avatar
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    Tariff - Rates defined by Tariff Advisory Committee (TAC) and rates tables are released and each company has to follow the rates. So the rates are fixed.
    Non - Tariff - Rates of the Products not defined by Tariff Advisory Committee (TAC) and each company can fix there own rate
    De-Tariff - Above Tariff restriction has been removed by IRDA

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    Moderator CONFUSED's Avatar
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    Quote Originally Posted by Vijay View Post
    What is this Tariff and De-Tariff of motor insurance?
    Vijay as mentioned by Rohit, initially some of the insurance products are governed by TAC, which provide the rates and each General Insurance Company has to follow it. Like - Motor, Fire etc. Later one in 2008, IRDA has removed the tariff, so it is called as de-tariff.
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    I am speaking from experience and my own personal views above - I am not an advisor, nor an expert.

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    Super Moderator PolicyWala's Avatar
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    All general insurance products get De-Tariff from 1st Jan 2007, But only Motor, which contributes 80% business in general insurance industry, get De-Tariff from 1st of July 2007.


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