27 July 2018

IRDAI Forms Panel to Review 3rd Party Motor Cover Costs

IRDAI Forms Panel to Review 3rd Party Motor Cover Costs


Insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) has constituted a 16-member committee to examine motor third party insurance pricing aspects and make recommendations on the premium rates for 2019-20. IRDAI Member P.J. Joseph has been appointed as the Chairman of the committee. 

This is for the first time IRDAI has formed such a committee. The committee has also been tasked to revisit the classification of vehicles, in view of the development in the industry. 

Source- The Hindu

Static/Current Takeaways Important for SBI PO/Clerk Exam 2018-
  • IRDAI stands for Insurance Regulatory and Development Authority of India.
  • Headquarters of IRDAI is in Hyderabad.
  • Subhash Chandra Khuntia is Chairman of IRDAI. 

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