this ppt deals with the functions and formation of the tariff committee, and its roles and restriction under the insurance act

1. Constitution role and
function of Tariff
Advisory Committee
GUIDED BY SUBMITTED BY
DR. ABHIJIT CHATTORAJ YASHITA KASHYAP
PROFESSOR & CHAIRPERSON PRIYANKA BANERJEE
CENTRE FOR INSURANCE AND RISK MANAGEMENT KOMAL SENGAR
P M KALENDER
MASTHAN
AYUSH KUMAR

2. Tariff committee ?

3. Establishment of the tariff advisory
committee
 With effect from the commencement of the Insurance (Amendment)
Act,.1968, the Tariff Advisory Committee was formed.
 It is a body having perpetual succession and a common seal
 It has a power to acquire, hold and dispose of property( both moveable
and immoveable)
FUNCTION: Its role is to control and regulate the rates, advantages, terms and
conditions that may be offered by insurers in respect of general insurance
business.

4. Composition of advisory committee
 According to Section 64(UA) Advisory Committee has following members.
 Chairperson of Authority
 Vice Chairman
 The Secretary

5. Powers of advisory committee
 According to Section 64(UB) Advisory Committee enjoys following Powers
 Conduct Elections
 Procedure of holding meetings
 Elections for regional committee
 Procedure of convening meetings
 Appoint officers of regional committee

6. Powers under section 64(uc)
 Power to fix rates, advantages, terms and conditions.
 Decisions regarding prospective loss
 Ensures that there should be no discrimination
 Bound the insurer

7. Transitional provisions [64UD]
a) The elected Advisory Committee members shall continue to function as
the Advisory Committee.
b) The Controller of Insurance shall become the Chairman of the Committee
c) All the rates, advantages, terms and conditions fixed by the Tariff
Committee prior shall continue until they may be altered, replaced or
abolished

8. amendments
 THE INSURANCE LAWS (AMENDMENT) BILL, 2008 States -- delete
provisions relating to Tariff Advisory Committee (TAC) in view of the
de-tariffing of rates and premiums w.e.f. 1st January, 2007

9. amendments
 The changes were made in Sec.64UA & ULA, of the Insurance Act, 1938
 The 2004 Report of Justice Rangarajan Committee mentioned changes in
with respect to de-tariffing rates and premiums for

10. THANK YOU