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Coimbatore Feb 14 The Insurance Regulatory and Development Authority has reiterated that the Tariff Advisory Committee (TAC) will continue to collect (branch-wise business) data from all insurers even in the tariff-free regime.

The Authority has clarified that in the tariff-free scenario, the TAC would continue to be empowered to collect the data and initiate actions including imposition of penalties to ensure timely and error-free submission of data.

IRDA Chairman Mr C.S. Rao has categorically stated that it would be imperative for all insurers/reinsurers to provide the requisitioned data in the mode, manner and periodicity prescribed by the TAC. "`The TAC would be the custodian and manager of the data of the insurance industry," the note stated. The data repository work has already commenced at TAC focusing initially on the motor and health insurance segments

Mr Rao further pointed out that in detariffing general insurance products, there would be a greater need for both — the insurer and the regulator — to have such a data repository.

The varied requirements of the data by the regulator, insurer, industry and the consumers would have to emanate from this repository with due aggregations.

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