Irdai orders four-tier motor insurance structure from Dec. 15
In short
Irdai will bring in a four-tier motor insurance setup from Dec. 15. It covers private cars and two-wheelers, and customers will be able to choose separate covers. Mandatory third-party liability stays in place, while personal accident cover is optional.
This matters for insurers and policyholders because the way motor policies are sold will change.
What the reporting says
Irdai will implement a four-tier structure for motor insurance from Dec. 15, covering private cars and two-wheelers.
Why it matters
Irdai is set to implement a four-tier motor insurance structure from Dec. 15 for private cars and two-wheelers. According to the summary, third-party liability will remain mandatory, while personal accident cover will be optional, and existing customers can add occupant liability without canceling current policies.