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Tariff free nonlife - a reality soon?Tuesday 20, September, 2005Non-Life insurers might finally be in a position to breathe a sigh of relief. Their long standing demand to abolish the tariffing mechanism seems to have been heard by the IRDA. According to the IRDA chairman CS Rao, at the Federation of Afro Asian Insurers and Reinsurers conference in Mumbai, the regulatory body has prepared the road map for de-regulation in pricing of the no-life products. It is felt in several circles that the tariff mechanism has prevented the benefits of liberalisation from reaching the customers. Insurance premiums on any product are currently decided by the Tariff Advisory Committee. With the advent of the proposed detariffing, the companies would be free to fix premium for their insurance policies.
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