Page 325 - Motor Insurance Ebook IC 72
P. 325
Guide for Motor Insurance
Q.2 What is TAC. What is its role as "Data
Ans: Depository?"
IRDA has earlier designated the TAC as the national
repository of the insurance statistical data on
underwriting and claims of all motor insurers. Insurers
are required to capture all the relevant data and
forward to the TAC ton a quarterly basis.
In addition to the data provided to the TAC, insurers
are recording other information of the vehicle insured
by them to provide a competitive edge to heir
acceptance of risks e.g. Some insurers record the
colour of the vehicles in private car insurance to
ascertain which colors are more accident prone. This
is a common feature in the international market. The
regular parking space of the vehicle is another feature
noted.
The statistical data is very exhaustive. The TAC has
devised a standard format for submission of statistics
by all Insurers. These data are to be submitted on a
quarterly basis. The IRDA is monitoring the prompt
submission and penalizing insures who do not provide
the details within the timeliness laid down.
Standardized codes are laid down for he majority of
data required. As insurers may have their own
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