|
Cir No |
Date |
Subject |
Effective Date |
|
20/01/2006 |
Clarification on Terrorism Cover under Fire Insurance
|
| |
19/06/2006 |
Cover for Terrorism Risks under Fire, Engineering and IAR
Insurance Tariffs w.e.f 1-4-2004 |
| |
| TAC/3/06 | 26/06/2006 | Corrigendum- Cover for Terrorism Risks under Fire, Engineering and IAR Insurance Tariffs w.e.f 1-4-2004 | |
| TAC/4/06 | 29/06/2006 | Submission of Annual Report to TAC | |
| TAC/5/06 | 19/10/2006 |
Cover for Terrorism Risks under All India Fire Tariff – Revision of Deductible limit for Householders and Shopkeepers policies (Property Section) |
|
| Corrigendrum |
Cover for Terrorism Risks under All India Fire Tariff – Revision of Deductible limit for Householders and Shopkeepers policies (Property Section) |
||
| TAC/6/06 | 23/11/2006 | Revision of Data Formats | |
| TAC/7/06 | 4/12/2006 | Discontinuance of tariffs in various classes of business | 01/01/2007 |
----------------------------------------------------------------------------------------------------------------
TAC/1/06 Date : January 20, 2006
Re : Clarification on Terrorism Cover under Fire Insurance
This refers to our circular No.TAC/4/04 dated December 16, 2004.
It is clarified that where the sum insured for earthquake cover includes sum insured of plinth and foundation in case of a fire policy, total sum insured considered for Terrorism cover for the fire policy shall also include sum insured of plinth and foundation.
Insurers are requested to inform their operating offices suitably.
Asstt. General Manager In-Charge
Re : Cover for Terrorism Risks under Fire,
Engineering and IAR Insurance Tariffs w.e.f 1-4-2004
This refers to our circular no. TAC/4/04 dated 16/12/04.
It is clarified that for the unexpired period of existing policies expiring on or after 1-4-2006 with Total Sum Insured (MD+LOP) exceeding Rs. 500 crores, the overall liability cap for terrorism risks per location/compound may be increased as per column-II of the following table:
| I | II |
| Total Sum Insured (MD+LOP) | Overall (MD+LOP) liability cap per location/compound |
| Exceeding Rs. 500 crores but not exceeding Rs. 600 crores | Total Sum Insured |
| Exceeding Rs. 600 crores | Rs. 600 crores |
The change in the overall liability cap as above may be endorsed on the policies without charging any additional premium.
All other terms and conditions of our circular no. TAC/4/04 dated 16/12/04 remain unchanged.
Insurer are requested to inform their operating offices suitably.
Deputy General Manager I/C
TAC/3/2006 Date: 26-6-2006
Corrigendum-
Re : Cover for Terrorism Risks under Fire, Engineering and
IAR Insurance Tariffs w.e.f 1-4-2004
This refers to our circular no. TAC/1/06 dated 19-6-2006 on cover for terrorism risks under Fire, Engineering and IAR insurance tariffs w.e.f. 1-4-2004 . The circular number should read as "TAC/2/2006" instead of "TAC/1/2006" . The correct circular number is already posted on the website.
Insurers are requested to make a note of this and inform their operating offices suitably.
Deputy General Manager I/C
Sub: Submission of Annual Report to TAC
All non-life insurers are hereby informed that 2 printed copies of their publised Annual Reports have to be submitted to TAC soon after their publication.
Annual Reports for the financial year 2005-06 may be sent to us at the earliest.
Dy. General Manager
Re: Cover for Terrorism Risks
under All India Fire Tariff –
Revision of Deductible limit for Householders
and Shopkeepers policies (Property Section)
This refers to our earlier circular no.FT/1/2002 dated 13-3-2002.
It has been decided to modify the wording for the item 8 in respect of
‘Deductibles’ in the above circular as under:
“8) Deductibles : Every claim under terrorism cover will be subject to a deductible as under:
Industrial Risks – 0.5% of TSI subject to a minimum of Rs.1 lakh
(i.e Risks rateable under Section IV, V, VI and VII of All India Fire Tariff and under Petrochemical Tariff)
Non-industrial Risks (Risks rateable under Section III of All India Fire Tariff, except property section under Householders and Shopkeepers Policies ) – 0.5% of TSI subject to a minimum of Rs.25,000/-
Note: In case of
property section under Householders and Shopkeepers Policies the deductible
shall be 0.5% of TSI subject to a
minimum of Rs.10,000/-“
Insurers are requested to inform their operating
offices suitably.
Deputy General Manager-in-charge
Re:Cover for Terrorism Risks
under All India Fire Tariff –
Revision of Deductible limit for
Householders and
Shopkeepers policies (Property
Section)
This refers to our circular no.TAC/4/06 dated 19/10/06 on the captioned subject. The circular number should read as ‘TAC/5/2006” dt.19/10/2006 instead of TAC/4/2006 dt.19/10/2006. The correct circular number is already posted on the Website.
Insurers are requested to make a note of this and inform their operating offices suitably.
Deputy General Manager I/C
Ref
: No.TAC/6/2006
23
November 2006
The
formats presently in use for data collection were introduced in the year 1999 /
2000 when the industry was in the early stages of computerization and data
compilation. The existing data formats were also designed for the limited
purpose of the tariff market.
In
the recent past, formats for submission of Motor data were revised to take care
of the changed needs of the market. Health insurance data formats were also
introduced on similar lines. In order to cater to the needs in a tariff free
scenario, during the last one year, IRDA and TAC had elaborate discussions with
underwriters, IT experts and actuaries of insurance companies. Steering
Committees of subject experts and actuaries were formed to revise the data
formats in specialized areas.
By
the said process, so far, the following formats have been revised:
1. Fire, 2.Marine Cargo,
3. Marine Hull, 4. Erection All Risks/ Contractors All Risks
(Engineering), 5.
Boiler & Pressure Plant (Engineering) and 6. Machinery Loss of
Profits (Engineering). Insurers are requested to incorporate these formats into
their systems at the earliest so that all future data submissions are in these
formats.
(The
revised formats for the other streams of insurance will be sent shortly.)
The
data for the past periods 2003/04, 2004/05, 2005/06 and 2006/07 may be extracted
into these formats on “as is how is” basis and submitted to TAC. Data up to
31/3/06 may be submitted before 31/1/2007 and data for 2006/07 may be sent by
21/4/2007. Some data elements are left “non mandatory” for these past
periods.
In
respect of all future data submissions with effect from 1st April
2007, all the data requirements in these revised formats will be
“mandatory”.
Insurers
are requested to nominate one or two ‘Compliance Officers’ for data
submission at the earliest and send their contact details to Mr. P. K. Swain,
Deputy General Manager who is in charge of TAC’s Data Repository.
In
case of any difficulty on the formats, insurers may contact TAC. Soft copy of
formats are posted on TAC’s website <www.tac.org.in>
Insurers
are requested to inform their operating offices suitably.
Dy. Gen. Manager in Charge
Sub:
Discontinuance of tariffs in various classes of business
The Tariff
Advisory Committee decided at its meeting held on 24th August, 2006
that the tariffs in Fire, Engineering, Motor, Workmen’s Compensation and
other classes of business currently under tariffs shall be withdrawn effective
from a date to be decided by the Chairman, TAC.
Accordingly, it has been decided that the tariff rates, terms,
conditions and regulations for Fire, Engineering, Motor and Workmen’s
Compensation business and other classes of business currently under tariffs,
shall stand withdrawn with effect from 1st January, 2007.
Consequently the rates, terms, conditions and regulations applicable to
these classes of business will be regulated by the Insurance Regulatory and
Development Authority effective from 1st January, 2007.
Deputy General
Manager-in-Charge