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De-notification of Arbitration clause in all tariff products under Fire, Motor and Engineering, Workmen's Compensation and other classes of insurance business- (Insurance Regulatory and Development Authority) (23 Jan 2024)

MANU/IRDA/0004/2024

Insurance

In exercise of the powers conferred by sub section (1) of section 64 ULA of the Insurance Act, 1938, the Authority hereby de-notifies the Arbitration clause in all tariff products under Fire, Motor and Engineering, Workmen's Compensation and other classes of insurance business.

1. In the year 2006, pursuant to the withdrawal of tariffs by the Tariff Advisory Committee, the Insurance Regulatory and Development Authority of India ("Authority") in exercise of powers vested in it under clause (i) of sub section (2) of Section 14 of the IRDA Act, 1999, issued notification Ref. 034/IRDA/De-Tariff/Dec-06 dated 4th December, 2006, wherein it was notified that the tariff general regulations (other than those relating to rating), terms, conditions, clauses, warranties, policy and endorsement wordings applicable to certain classes of business such as Fire, Engineering, Motor, Workmen's Compensation and other classes of insurances which were then under tariffs shall continue to be followed until further orders.

2. Now, by virtue of powers vested with the Authority under sub section (1) of Section 64 ULA of the Insurance Act,1938 the Authority hereby notifies that the Arbitration clause related provisions in the tariff general regulations, terms, conditions, clauses, warranties, policy, add-ons, endorsement wordings and proposal form applicable to the risks of insurance business governed by the erstwhile Tariffs stand de-notified with effect from 27th October, 2023.

3. Accordingly, it is hereby notified that with effect from 27th October, 2023, insurance risks contracts mentioned provision regarding Arbitration clause shall be subject to the circular issued in this regard by the Authority and amended from time to time.

Tags : ARBITRATION CLAUSE   INSURANCE BUSINESS   DENOTIFICATION  

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