The Insurance Regulatory and Development Authority of India (Irdai) has notified in a circular, dated 04th June 2019, the new premium rates for Motor Third Party liability insurance for the current financial year, 2019-20. The order to revise premium rates comes into effect from 16th June 2019. An exposure draft was released on May 20, 2019, seeking comments on the proposed rates. Now, the final cost of the premium is out, which is lower than the proposed rates in the draft exposure. These rates are applicable for both Comprehensive and Stand Alone Third Party policies.
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