Establishment of the tariff advisory committee

this ppt deals with the functions and formation of the tariff committee, and its roles and restriction under the insurance act

1. Constitution role and function of Tariff Advisory Committee Guided By Submitted By Dr. Abhijit Chattoraj Yashita KAshyap Professor & Chairperson Priyanka Banerjee Centre for Insurance and Risk Management Komal Sengar P M Kalender Masthan ayush Kumar sukesh

2. Tariff committee ?

3. Establishment of the tariff advisory committee With effect from the commencement of the Insurance (Amendment) Act,.1968, the Tariff Advisory Committee was formed. It is a body having perpetual succession and a common seal It has a power to acquire, hold and dispose of property( both moveable and immoveable) FUNCTION: Its role is to control   and regulate the rates, advantages, terms and conditions that may be offered by insurers in respect of general insurance business. 

4. Composition of advisory committee According to Section 64(UA) Advisory Committee has following members. Chairperson of Authority Vice Chairman The Secretary

5. Powers of advisory committee According to Section 64(UB) Advisory Committee enjoys following Powers Conduct Elections Procedure of holding meetings Elections for regional committee Procedure of convening meetings Appoint officers of regional committee

6. Powers under section 64( uc ) Power to fix rates, advantages, terms and conditions. Decisions regarding prospective loss Ensures that there should be no discrimination Bound the insurer

7. Transitional provisions [64UD] The elected Advisory Committee members shall continue to function as the Advisory Committee . The Controller of Insurance shall become the Chairman of the Committee All the rates, advantages, terms and conditions fixed by the Tariff Committee prior shall continue until they may be altered, replaced or abolished

8. amendments THE INSURANCE LAWS (AMENDMENT) BILL, 2008 States -- delete provisions relating to Tariff Advisory Committee (TAC) in view of the de-tariffing of rates and premiums w.e.f . 1st January, 2007

9. amendments The changes were made in Sec.64UA & ULA, of the Insurance Act, 1938 The 2004 Report of Justice Rangarajan Committee mentioned changes in with respect to de-tariffing rates and premiums for

10. THANK YOU