The Hindu Business Line : FAPCCI meet on insurance detariffing

The Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) is holding a daylong seminar on `Detariffing in Insurance - Issues and Challenges' here on Saturday.

Addressing newspersons here, the former Chairman and Managing Director of Oriental Insurance Company Ltd, Mr G.V. Rao, said the non-life insurers have been incurring mounting operating losses for the last several years despite the protection of minimum premium tariff rates that restricted competition only to the post-sale service standards of each.

It was in this context that the Insurance Regulatory and Development Authority (IRDA) had announced a plan to remove the five-decade old tariff rating structures constituting 70 per cent of market in fire, motor and engineering from January 1, 2007.

According to Mr Rao, the seminar would deal with several issues and challenges the industry likely to encounter in the detariffing era.

The IRDA Chairman, Mr C.S. Rao, would deliver inaugural address at the seminar.

More Stories on : General Insurance | Industry Associations | Andhra Pradesh

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