Page 57 - Insurance Times January 2023

ness shall continue to be followed until further orders and of tariffs in Fire, Engineering and Motor(OD) lines of
that the rates of premium may be varied subject to com- business.
pliance with the Guidelines on ‘File and Use’ of General
b. To suggest requisite Regulatory framework for In-
Insurance Products.
surers to deploy of optional product structures (such
B. The Authority vide Notification ref No. F. No. IRDAI/Non- as First Loss, Excess of Loss, Agreed Value) in Prop-
Life Insurance/5/171/2020 dated 28th December, 2020 erty and Engineering lines of business as also to per-
de-notified the tariff general regulations, terms and con- mit short-term and long-term policies for all com-
ditions etc in respect of the following risks within Fire and mercial lines of business;
Allied Perils insurance business governed by the erstwhile
c. To examine the relevance of continuing the existing
All India Fire Tariff, 2001 with effect from 1st April, 2021:
standard products in fire line of business viz Standard
a) Dwellings: Any Sum Insured
Fire & Allied Perils form, Bharat Griha Raksha,
b) Offices, Hotels, Shops, Industrial/Manufacturing risks Bharat Laghu Udyam Suraksha and Bharat Sookshma
etc., where the total value at risk does not exceed Rs.50 Udyam Suraksha.
Crores across all asset classes at any one location.
d. To suggest a suitable business model for freedom of /
C. In order to put in place an effective Regulatory frame- increased choice in Motor Insurance products espe-
work post de-notification of the existing tariffs viz. Fire, cially with regard to purchase of new motor vehicles
Engineering and Motor (Own Damage), it is proposed to and to review the case for discontinuance of MISP.
constitute a Working Group with the following members.
e. To examine the scope for new Commercial Lines prod-
i) Shri Bhargav Dasgupta, MD& CEO, ICICI Lombard
ucts for small, medium and large risks.
General Insurance Co. Ltd – Chairman of the Work-
f. To recommend the draft Regulatory framework
ing Group.
keeping in mind the protection of policyholders’ in-
ii) Shri Neelesh Garg, MD&CEO, TATA AIG General In-
terest post discontinuation of tariffs;
surance Co. Ltd.
g. Any other matter which the Working Group feels rel-
iii) Ms Jasleen Kohli, CEO, Go Digit General Insurance
evant.
Ltd.
The Working group is advised to undertake extensive consul-
iv) Shri Jitender Mehndiratta, General Manager, New
tations with the stakeholders during the course deliberations
India Assurance Co. Ltd – Member
and before finalising the recommendations. The Working
v) Ms C S Radhika, General Manager, United India In-
Group shall submit its report in three weeks’ time from the
surance Co. Ltd – Member
date of this order.
vi) Ms. Arti Bhushan Mulik GM - Commercial Under-
writing- Universal Sompo Extension of timelines for filing of Health
vii) Ms. R Annam - Head Commercial Underwriting -
Quarterly Returns to the Authority
Cholamandalam
06th December, 2022
viii) Shri Parag Gupta, CEO, SCOR Re
ix) Shri N Rama Swamy, General Manager, GIC Re. -
1. Reference is invited to the circular on Revision of Health
Member
Insurance Regulatory Returns vide Circular Ref No. IRDAI/
x) Shri Hitesh Kotak, CEO, Munich Re – Member HLT/CIR/MISC/190/9/2022 dated 09th September, 2022.
xi) Dr Sandeep Dadia, CEO, Aditya Birla Insurance Bro- 2. In partial modification of Clause 1. ii of the stated circu-
kers Ltd lar, it has been decided that the time limit for furnishing
xii) Shri Sanjay Kedia, CEO, Marsh India Insurance Bro- quarterly returns is modified from 5 days to 20 days.
kers (India) Ltd. 3. All quarterly returns shall be furnished within 20 days
from the close of the reporting quarter.
xiii) Shri D V S Ramesh, CGM (Non-Life), IRDAI
xiv) Shri Pradeep Kumar Singh, Manager, IRDAI 4. All other terms of the circular shall continue mutatis
mutandis.
xv) Shri Hiten Kothari, Appointed Actuary, HDFC ERGO
General Ins Co Ltd, Member - Convener 5. These norms are applicable with immediate effect and
are applicable to all returns to be filed for 3rd Quarter-
D. The Terms of Refere nce of the Working Group are as
Financial Year 2022-23 and onwards.
under:
a. To suggest ways forward following discontinuation 6. This has the approval of the Competent Authority.

The Insurance Times January 2023 49