The Insurance Regulatory and Development Authority (IRDAI) has on Monday reduced premium rates of motor third party insurance for some categories of vehicles for 2017-18.
According to a notification issued by the regulator, the new notification will override an earlier order issued by it on March 28, 2017 which notified rates with effect from April 1, 2017.
"The new premium schedule shall apply retrospectively with effect from April 1, 2017,’’ Yegnapriya Bharath, Chief General Manager- Non-Life, IRDAI said in an order.
As per the revised rates, significant reduction is in the goods carrying vehicles – Public carriers (other than three wheelers).
According to IRDAI’s order dated March 28, 2017, the premium for goods carrying vehicles went up by over 40 per cent with varying rates depending on their load.
