What is this Tariff and De-Tariff of motor insurance?
What is this Tariff and De-Tariff of motor insurance?
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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I am speaking from experience and my own personal views above - I am not an advisor, nor an expert.
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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