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Report No. 190 8.6 Tariff Advisory Committe.- composition and powers 8.6.1 The tariff rates in respect of general insurance business are determined by a body known as Tariff Advisory Committee established under a principal Act in 1968 (Insurance Amendment Act of 1968). Before its establishment, tariff committee regulated the rates and advantages in respect of general insurance business. 8.6.2 The principal Act provides under section 64 U for the establishment of a Tariff Advisory Committee (TAC), a body corporate having perpetual succession and common seal, to control and regulate the rates advantages, terms and conditions that may be offered by insurers in respect of general insurance business. 8.6.3 It is an important body functioning under the control of the Authority since 1999. Before 1999, TAC was functioning under the Controller of Insurance. The primary objective of the committee is to fix the price of the insurance products scientifically in order to standardize decision-making choice of the consumer. 8.6.4 Composition of TAC The Act prescribes the composition of TAC, as to consist of a Chairman (ex-officio chairman of the Authority), a Vice Chairman (a Senior Officer of the IRDA to be nominated by the Authority), not more than 10 elected representative of insurers and not more than four representative of insurers domiciled outside India but registered in India. 8.6.5 At present the practice is that members of the Advisory Committee are not elected but are nominated or co-opted. In view of this practice, the provisions may be amended. The following provision may be substituted in clause (c) of section 64 UA (1): "not more than 10 representatives of Indian insurers and not more than 4 representatives from government departments, professional bodies, etc. nominated by the Authority and/or the Central Government". 8.6.6 The Authority is empowered to nominate Secretary of the TAC (S.64UA (2)) who functions under the direction and control of the Authority (sub-section (5)) 8.6.7 Powers of the TAC    |
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