IRDA and the Changing Tariff Structure for Motor Vehicle Insurance in India
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Case Code: INS012 Case Length: 03 Pages Period: 2003 Pub Date: 2003 Teaching Note: Available |
Price: Rs.100 Organization: Varied Industry: Insurance Countries: India Themes: - |
Abstract Case Intro
"What happened to the new tariff structure proposal by the Insurance Regulatory and Development Authority of India (IRDA)?" asked Charles De Cunha, owner of a transport service. "It's been deferred for the moment," said Rao, friend of De Cunha. De Cunha's company rents vehicles like cars, jeeps, luxury buses and other commercial vehicles. The travel agency is located in Chennai, India. De Cunha recently discovered that IRDA was planning drastic changes in the proposed tariff structure for automobile insurance.
"Why has it been deferred?" asked De Cunha. "The IRDA has postponed it temporarily to bring in some more refinements," replied Rao. "Are you sure that the new proposal is going to come through?" asked De Cunha.
"I hope so," said Rao. He added that N.Rangachary, the Chairman, had revealed that IRDA was likely to announce the rationalized tariff structure for motor vehicles insurance by the middle of May. "Do you know anything more about the new tariff structure?" asked De Cunha. "Yes, the new tariff structure has been evolved by the Ansari Committee. It was actually supposed to be effective from April 1, but in order to bring in more refinements, IRDA postponed it," said Rao...
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