Laws and sections by number or title, due dates, pages, and updates.
The Insurance Regulatory and Development Authority of India restricts the issuance of Industrial All Risks policies to industrial risks only. General insurance companies must conduct detailed risk assessments by engineers and collect claims experience before marketing the policy under the Industrial All Risks tariff. Selling these policies to ineligible risks is non-compliance.
What you must do
Key dates
Who is affected
If you do not comply
Ask about this circular
[Image omitted. See the official document.]
CIRCULAR
No- IRDA/NL/CIR/F&U/025/2016
Date: 10.02.2016
To All General Insurance Companies underwriting Industrial All Risk (IAR) Policy
Re: Industrial All Risks (IAR) Policy
It has come to the notice of the Authority that some general insurers are issuing IAR policies to ineligible and non-industrial risks. The Authority, vide circular no-019/IRDA/NL/F&U/Oct-08 dated 06.11.2008 had removed the requirements of minimum sum insured, brought flexibility in deductibles and allowed add-on covers to be filed. It has also been brought to the notice that these relaxations are being misused by some insurers.
Selling IAR policies to risks other than industrial risks will be considered to be non-compliance. Therefore, all insurers are advised to conduct detailed risk assessment by the engineers and collect the claims experience etc before marketing the policy under IAR tariff. The insurers may accordingly advise the operating offices for compliance.
[Image omitted. See the official document.]
Suresh Mathur
Sr. Joint Director
परिश्रम भवन, तीसरा तल, बशीरबाग, हैदराबाद-500 004. भारत
फ़ोन: 91-040-2338 1100, फैक्स: 91-040-6682 3334
ई-मेल: irda@irda.gov.in वेब: www.irda.gov.in
Parisharam Bhavan, 3rd Floor, Basheer Bagh, Hyderabad-500 004. India.
Ph.: 91-040-2338 1100, Fax: 91-040-6682 3334
E-mail: irda@irda.gov.in Web.: www.irda.gov.in
