IRDAI sets up panel to revisit retail business of engineering tariff

The nine-member panel has been asked to revisit the product structures of the erstwhile engineering tariffs relevant for the retail category and make suitable recommendations for revising them. The Insurance Regulatory and Development Authority of India (IRDAI) noted that with continuous advancement in technology, engineering insurance requirements are constantly evolving.

Insurance sector regulator IRDAI has set up a working group to revisit product structures of engineering tariffs relevant for the retail category in the wake of continuous advancement in technology. The nine-member panel has been asked to revisit the product structures of the erstwhile engineering tariffs relevant for the retail category and make suitable recommendations for revising them.

The Insurance Regulatory and Development Authority of India (IRDAI) noted that with continuous advancement in technology, engineering insurance requirements are constantly evolving. Customer expectations regarding insurance are changing significantly. "There is a need to modify the current products under the engineering retail segment in line with the changing needs and demand," it said in an order constituting the working group 'to revisit the engineering products (which are as per the erstwhile tariffs) for the retail segment'.

The panel has been asked to recommend new suitable and appropriate standard products in line with advancements in technology for the retail segment. As per the terms of reference of the group, the panel has to also make recommendations regarding revisions to the general regulations in the tariffs.

The group, headed by R Chandrasekaran, former secretary general of GI Council, has to submit report within three months..

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