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.