New role for TAC

Thursday 29, September, 2005 It will be good news for insurers and the common man when general insurance premium will get detariffed. Once detariffing comes into force, Tariff Advisory Committee (TAC) will keep a track of any deviation or disparity in the market behaviour and inform IRDA about it. TAC was brought into existence so as to calculate premiums for general insurance companies. With the recent change, the scope of TAC will also transform. It will now pay heed to the public grievances on non-availability of insurance and will get these problems solved through the insurers. Considering the years of experience it has, TAC is best suited and recommended for this new task. Besides, IRDA wants TAC to handle training programmes for underwriters at the market level. Collecting data on premiums, analyzing them and distributing results to all insurers will be added work for TAC. Considering the new work allotted, it is likely to be called as Technical Advisory Committee.

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