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There will be no change in the premium rates for motor third-party liability insurance cover for the new financial year commencing from today.
Yegnapriya Bharathi, Chief General Manager (Non-Life), Insurance Regulatory and Development Authority of India (IRDAI), said in a circular the premium rates notified on March 28, 2018 for the year 2018-19 would continue to be in force in the financial year 2019-20 till further notice.
Every year, the insurance regulator notifies the mandatory third-party insurance premium rates in the last week of March, to be effective from April 1.
This is the first time in the recent past that the regulator has allowed the old rates to continue for the new financial year as well.
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