To, CEOs of all General Insurance Companies, Re: File & Use Guidelines for General Insurance Products and Relaxation of Price Controls. Insurers’ attention is drawn to Para ‘2’ of the File & Use Guidelines Circular No. 021/IRDA/F&U/SEP-06 dated 28 th September 2006, which reads as under: Insurers shall not vary the coverage, terms and conditions, wordings, warranties, clauses and endorsements in respect of covers that are currently under tariff till 31 st March 2008 . Insurers may file their proposals for changes in cover, terms, wordings, etc for such products from a date to be notified by the Authority, but to be given effect to after 31 March 2008 . In respect of products currently governed by tariffs, deductibles other than the deductibles set out in the tariffs can be offered only after 31 March 2008 . Insurance on first loss basis or partial insurance unless permitted under current tariffs shall not be permitted before 31.03.2008. Covers not permitted under tariffs should not be granted by way of ‘difference in conditions’ in insurance till 31.03.2008 The Authority has decided that pending examination of common market wordings proposed by General Insurance Council, Insurers shall continue to use the coverage, terms & conditions, wordings, warranties, clauses and endorsements of the erstwhile tariff classes of insurance covers until further orders.
(Prabodh Chander) |
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