The Insurance Regulatory and Development Authority of India (IRDAI) is planning to review norms of the own damage segment of motor insurance.
In this regard, it constituted a working group with experts from the regulator as well as private and public insurers.
While pricing of the motor own damage segment was de-tariffed in 2007, the basic product structure, including the terms and conditions, continues to be governed by the general regulations and various other provisions of the erstwhile India Motor Tariff.
