In exercise of the powers conferred by sub section 1 of section 64 ULA of the Insurance Act,

EXTRAORDINARY PART III—Section 4 PUBLISHED BY AUTHORITY No. 195] NEW DELHI, THURSDAY , MARCH 21, 2024 /CHAITRA 1, 1946 CG-AP-E-22032024-253298 INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyderabad, the 20th March, 2024 F. No. : IRDAI//Gen Insurance/Tariff/13/207/2024 —In exercise of the powers conferred by sub section (1) of section 64 ULA of the Insurance Act, 1938, which provides for de -notifica tion of all tariffs notified by the erstwhile Tariff Advisory Committee under the omitted section 64UC of the Act, and which continue to be in force. 1. It may be noted that in the year 2006, pursuant to withdrawal of tariffs by the Tariff Advisory Committ ee, the Insurance Regulatory and Development Authority of India (“Authority”) in exercise of the powers vested in it under clause (i) of sub section (2) of section 14 of the IRDA Act, 1999, issued notification Ref.034/IRDA/De -Tariff/Dec -06 dated 4th Decemb er, 2006 that the general regulations (other than those relating to premiums/ premium rating), terms, conditions, clauses, w arranties, policy and endorsement wordings applicable to certain classes of business such as Fire, Engineering, Motor, Workmen’s Com pensation and other classes of insurances under the relevant Tariffs shall continue to be followed until further orders. 2. Now, in exercise of the powers conferred by sub section (1) of Section 64 ULA of the Insurance Act, 1938, the Authority hereby notif ies that all the following prevailing tariffs : a) Fire Insurance Tariffs (other than All India Fire Tariff, 2001 which wa s already de -tariffed vide notification dated 28th December, 2020), namely i. All India Fire Tariff ii. Industrial All Risks Tariff iii. Consequentia l Loss (Fire) Tariff iv. Petro -chemical Tariff v. List of Hazardous Goods b) Motor, namely All India Motor Tariff c) Engineering Insurance Tariffs, namely; i. Contractors All Risk Insurance ii. Contractors Plant and Machinery Insurance iii. Machinery Breakdown Insurance iv. Electroni c Equipment Insurance v. Civil Engineering Comp leted Risks Insurance vi. Erection All Risk/Storage Cum Erection Insurance vii. Loss of profit (MB & BLOP) Insurance viii. Boiler and Pressure Vessels Insurance ix. Deterioration of Stocks -(potato) Insurance d) Miscellaneous, namely W orkmen’s Compensation Insurance Tariffs. e) Marine, namely Tea Tariff stand entirely de -notified and no longer in force effective 01.04.2024 . 3. It is however clarified that no insurer shall at any time withdraw or discourage the use of or decline to offer to any customer any of the tariff products which have been in existence prior to this notification. 4. It is hereby further notified that effective 01.04.2024 , the coverage of risks coming within the scope of the de - notified tariffs stated in paragraph 2 ab ove shall be subject to the IRDAI (Insurance Products) Regulations, 2024 and Master Circular (Guidelines) on products and procedures in ge neral insurance business, as specified by the Authority. DEBASISH PANDA , Chairperson [ADVT. -III/4/Exty./ 851/2023 -24] Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi -110064 and Published by the Controller of Publications, Delhi -110054.