IRDA notifies the Premium Rates applicable for Motor Third Party Liability Insurance Cover for FY 2018-19

Mar 30, 2018 | by Avantis RegTech Legal Research Team

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The Insurance Regulatory & Development Authority of India (IRDAI) vide order dated March 28, 2018 has notified the premium rates applicable to Motor Third Party Liability Insurance with effect from April 01, 2018.

Insurers are hereby advised to be mindful of the concerns expressed by vehicle owners about the availability of insurance. Considering the mandatory nature of Motor Third Party Liability Insurance, insurers are advised to ensure that Motor Third Party Liability Insurance is made available at their underwriting offices and through all available channels of distribution.

Further, Insurers are not permitted to cancel the current insurance policies and issue fresh policies to effect new premium rates. This notification as well as the enclosed schedule of premium rates shall be prominently displayed on the Notice Board of every underwriting office and on the website of the Insurers where it can be viewed by the public.




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