News From Press Irdai set to introduce standard products for fire, allied peril risks

Irdai set to introduce standard products for fire, allied peril risks

General insurers that offer fire and allied perils policies have to mandatorily introduce the same from April 1, 2021, replacing the Standard Fire and Special Perils (SFSP) policy

Business Standard Jan 6, 2021

The Insurance Regulatory and Development Authority of India (Irdai) has decided to introduce standard products covering the risk of fire and allied perils. General insurers that offer fire and allied perils policies have to mandatorily introduce the same from April 1, 2021, replacing the Standard Fire and Special Perils (SFSP) policy — provided for in the erstwhile All India Fire Tariff (AIFT) 2001.

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