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Industry Specific - Insurance Central Insurance Regulatory Development Authority Insurance Act, 1938

IRDAI De-notifies Arbitration Clause in Insurance Tariffs with effect from 27th October 2023

22-Jan-2024 | F. No. IRDAI/Gen Insurance/Tariff/1/195/2024

IRDAI has issued a Notification regarding the de-notification of the Arbitration clause in all tariff products under Fire, Motor and Engineering, Workmen Compensation, and other classes of insurance business.

By virtue of the Notification, the Authority has notified that the Arbitration clause related provisions in the tariff general regulations, terms, conditions, clauses, warranties, policy, add-ons, endorsement wordings, and proposal form applicable to the risks of insurance business governed by the erstwhile Tariffs stand de-notified with effect from 27th October 2023.

Accordingly, with effect from 27th October 2023, insurance risks contracts mentioned provision regarding the Arbitration clause shall be subject to the circular issued in this regard by the Authority and amended from time to time.

For detailed information, please refer to the attached document.

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