IRDAl vide circular dated 3rd November, 2023 has provided for Constitution of the Task Force to suggest applicable framework post Detariffication of erstwhile tariffs. The IRDA has examined the recommendations of the Working Group constituted for suggesting the regulatory framework post de notification of the existing tariffs. Post de-notification, the conduct of general insurance will be guided by a principle based guidelines. Insurers are already stand enabled on product design with “Product Filing Guidelines for General Insurance Business”.
Since, de-tariffication requires de-notification of existing tariffs by the Authority and publish the same in the official gazette, it has been decided to constitute a Task Force. The Task Force is required to suggest broad prudential guidelines and address associated critical operational aspects as a guidance to Insurers.
The following are the terms of reference for the Task Force.
- To recommend principle based framework of matters to be addressed.
- To suggest draft of guidelines for de-notified lines of business.