Gazette Information

Gazette Title

The Gazette of India: Extraordinary

Gazette Number

504 GI/2024

Publication Date

January 23, 2024

Issuing Authority

Insurance Regulatory and Development Authority of India

Summary

• The Authority de-notifies the Arbitration clause in all tariff products under Fire, Motor, Engineering, Workmen’s Compensation, and other classes of insurance business.
• Notification issued in 2006 regarding tariff general regulations continues to apply until further orders.
• Effective from October 27, 2023, the Arbitration clause related provisions in tariff general regulations are de-notified.
• Insurance risks contracts regarding the Arbitration clause will be subject to the circular issued by the Authority.