Document Detail

Title: आदेश

Reference No.: आईआरडीए/एनएल/एनटीएफएन/एमओटीपी/060/03/2015

Date: 28/03/2016

FY2016-17 के लिए मोटर थर्ड पार्टी लायबिलिटी इंश्योरेंस कवर के लिए प्रीमियम दरें

The Authority hereby refers to its notification no. IRDA/NL/NTFN/MOTP/066/04/2011 dated 15^th April 2011 whereby the Authority decided to review the premium rates for motor third party insurance covers annually using the specified formula:

P (t) = C1 (t) * CII (t-1) + C2 (t)

Where,

P (t) is the motor TP premium applicable to the financial year‘t’,

CII (t-1) is the Cost Inflation Index for the year ‘t-1’ as notified by CBDT, and

C1 (t) and C2 (t) are the parameters applicable to the financial year ‘t’ whose values shall be determined and notified by the Authority in each financial year based on the experience measured in terms of average claim amounts, frequency and expenses involved in servicing the motor TP business. The values of the parameters C1 (t) and C2 (t) may vary according to the class of vehicle.

It is observed that the cost inflation index (CII) has increased by 5.57% over the previous year, i.e. from 1024 in FY 2014-15 to 1081 in FY 2015-16.

Accordingly, the Authority issued an Exposure Draft on 04^th March 2016 on revision of premium rates for motor third party insurance covers for the FY 2016-17 inviting comments on the proposed rates from all stakeholders concerned. The exposure draft published data provided by Insurance Information Bureau ((IB) of India which includes number of policies, number of claims paid and amount of claims outstanding as on 31^st March 2015 for each underwriting year and for each class of vehicle. The methodology used in estimating premium rates and also the various factors considered in moderating the actual derived premium rates were also explained briefly in exposure draft.

The Authority examined the comments/ suggestions received from various stakeholders on the draft exposure. Some stakeholders expressed the view that minimum increase in the premium rates should be the increase in Cost Inflation Index (CII) over the year. However, the Authority decided not to increase the proposed premium rates in such cases and keep the premium as proposed in the exposure draft.

After examining the comments, the Authority decided to revise the premium rates as proposed in the exposure draft in the following classes:

a. Private Cars – Not exceeding 1000 cc

b. Private Cars – Exceeding 1000 cc but not exceeding 1500 cc

c. Special Types of Vehicles – Other Miscellaneous & Special types of vehicles

In accordance with the above, and in exercise of the powers vested in the Authority under Section 14 (2) (i) of the IRDA Act 1999, the Authority hereby notifies the premium rate applicable to the Motor Third Party Liability Insurance covers with effect from 01^st April 2016 as given in the Annexure “A”.

Insurers are advised to be mindful of the concerns expressed by vehicle owners about both the rates and availability of insurance. Considering the mandatory nature of motor third party insurance, insurers are advised to ensure that motor third party insurance is made available at their underwriting offices and through all available channels of distribution. The Authority will treat any complaint of non-availability of insurance or use of methods to deny/ delay the client seeking the insurance cover, seriously.

Insurers are not permitted to cancel the current insurance policies and issue fresh policies to effect new premium rates. This notification as well as enclosed schedule of premium rates shall be prominently displayed on the Notice Board of every underwriting office & the website of the Insurers where it can be viewed by the public. This notification is issued in supersession of the Authority, earlier notification ref: IRDA/NL/NTFN/MOTP/054/03/2015 dated 31^st March 2015.

Suresh Mathur

Senior Joint Director

		Annexure A
Motor Third Party Insurance Premium with effect from 01^st April 2016
			Premium with effect from 01st April 2016 (Rs.)
	Private Cars
	Not exceeding 1000 cc		2,055
	Exceeding 1000 cc but not exceeding 1500 cc		2,237
	Exceeding 1500 cc		6,164
	Two Wheelers
	Not exceeding 75 cc		569
	Exceeding 75 cc but not exceeding 150 cc		619
	Exceeding 150 cc but not exceeding 350 cc		693
	Exceeding 350 cc		796
A1	Goods Carrying Vehicles Public Carriers (other than 3 wheelers)
	GVW not exceeding 7500 kgs		14,390
	Exceeding 7500 kgs but not exceeding 12000 kgs		15,365
	Exceeding 12000 kgs but not exceeding 20000 kgs		22,577
	Exceeding 20000 kgs but not exceeding 40000 kgs		24,708
	Exceeding 40000 kgs		25,800
A2	Goods Carrying Vehicles Private Carriers (other than 3 wheelers)
	GVW not exceeding 7500 kgs		7,849
	Exceeding 7500 kgs but not exceeding 12000 kgs		11,528
	Exceeding 12000 kgs but not exceeding 20000 kgs		9,390
	Exceeding 20000 kgs but not exceeding 40000 kgs		12,821
	Exceeding 40000 kgs		16,655
A3	Goods Carrying Motorized Three Wheelers and Motorized Pedal Cycles – Public Carriers
	except e-carts		5,680
	e-carts		3,969
A4	Goods Carrying Motorized Three Wheelers and Motorized Pedal Cycles – Private Carriers
	except e-carts		4,200
	e-carts		3,438
B	Trailers
	Agricultural Tractors upto 6 HP		510
	Other vehicles including Miscellaneous & Special Type of Vehicles (Class-C), (For each trailer, for more please multiply by no. of trailers)		1,307
			Premium with effect from 01st April 2016 (Rs.)
D	Special Types of Vehicles
	i) Pedestrian controlled Agricultural Tractors with Horse Power rating not exceeding 6HP, Hearses and Plane Loaders		897
	ii) Other Misc & Spl types of vehicles		3,822

E	Motor Trade (Road Transit Risks)
	i) Distance not exceeding 2400 kms		1,088
	ii) Distance exceeding 2400 kms		1,308

F	Motor Trade (Road Risks) (Excluding Motorized Two Wheelers) – (Named Driver or Trade Certificate)
	1st named driver or certificate		985
	For additional drivers/ certificates up to 5 (per driver/certificate)		476
	For additional Drivers/ Certificates exceeding 5 but not exceeding 10 (per driver/ certificate)		307
	For additional Drivers/ Certificates exceeding 10 but not exceeding 15 (per driver/ certificate)		266

F	Motor Trade (Road Risks) (Motorized Two Wheelers) – (Named Driver or Trade Certificate)
	1st named driver or certificate		530
	For each additional Driver/ Certificate		264

		Premium with effect from 01st April 2016 (Rs.)
		Basic TP Premium (A)	Premium (per licensed passenger) (B)*
C1a	Four wheeled vehicles used for carrying passengers for hire or reward with carrying capacity not exceeding 6 passengers
	Not exceeding 1000 cc	6,396	1,230
	Exceeding 1000 cc but not exceeding 1500 cc	8,408	1,035
	Exceeding 1500 cc	11,144	1,183

C1b	Three wheeled vehicles used for carrying passengers for hire or reward with carrying capacity not exceeding 6 passengers
	except e-rickshaw	1,733	829
	e-rickshaw	1,125	538

C2	Four or more wheeled vehicles used for carrying passengers with carrying capacity exceeding 6 passengers for hire or reward	10,294	629

C3	Motorized three wheeled passenger vehicles used for carrying passengers for hire or reward with carrying capacity exceeding 6 passengers but not exceeding 17 passengers	4,155	829

C2	Three wheeled passenger vehicles used for carrying passengers for hire or reward with carrying capacity exceeding 17 passengers	10,294	629

C4	Motorized Two wheelers used for carrying passengers for hire or reward
	Not exceeding 75 cc	702	473
	Exceeding 75 cc but not exceeding 150 cc	702	473
	Exceeding 150 cc but not exceeding 350 cc	702	473
	Exceeding 350 cc	1,615	473
{*: TP Premium is the total of a basic Amount (A) plus an amount derived by multiplying the Licensed carrying capacity by the amount in (B)}

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Premium Rates for Motor Third Party Liability Insurance Cover for FY2016-17.pdf
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