IRDAI orders four-layer motor insurance structure from Dec. 15
In short
IRDAI has ordered a four-layer motor insurance structure starting December 15. The reported goal is to make the available policy choices clearer for vehicle owners.
This could make it easier for buyers to compare motor insurance options. The reporting does not explain the four layers or how premiums may change.
What the reporting says
IRDAI has mandated a four-layer motor insurance structure from December 15, according to a publisher-supplied summary. The reported aim is to bring clarity on the availability of different policy options for vehicle owners so they can make an informed decision. The immediate effect is a product-structure change in motor insurance, while the detailed layers are not stated in the available reporting.
Why it matters
IRDAI has mandated a four-layer motor insurance structure from December 15, based on a publisher-supplied summary. The summary says the change is meant to clarify available policy options for vehicle owners and help them make an informed decision. That is a regulatory change for the insurance market, but the reporting does not specify the layers, pricing impact or implementation details.