See what IRDAI Recommends on Insurance Premiums for Vehicles and Two-Wheelers for FY 2022-23

See what IRDAI Recommends on Insurance Premiums for Vehicles and Two-Wheelers for FY 2022-23 The Insurance Regulatory and Development Authority of India (IRDAI) issued Draft Notification No. RT-11036/194/2021-MVL dated 4th March 2022 in regard to third-party motor insurance premium rates for cars, two-wheelers, electric vehicles and other transport vehicles for the financial year 2022-23. In the last two financial years, the IRDAI has not modified the pricing (FY 2020-21 and FY 2021-22). As a result, IRDAI's tariffs for financial year 2019-20 have stayed unaltered until date. Some automobiles may be eligible for a proposed discount to encourage people to drive ecologically friendly vehicles.

The Notification is Given Below:

In exercise of the powers conferred by subsection (2) of Section 147 of the Motor Vehicles Act, 1988, as amended vide Section 51 of the Motor Vehicles (Amendment) Act, 2019, being operationalized from 1st April, 2022 vide 5.0. 859 (E) dated 25th February, 2022, this Ministry has been mandated to prescribe base premium and liability of an insurer in relation to third party premium for Financial Year 2022-23 in consultation with IRDAI. 2. Accordingly, based on consultation with IRDAI and with the approval of competent authority , a draft notification to prescribe base premium for Motor Third Party Insurance Premium for the Financial Year 2022-23 has been prepared and attached as Annexure B, along with Basic methodology used for arriving at the Premium Rates for Motor Third Party Insurance Cover for the Financial Year 2022-23 (Annexure -A to this letter), for inviting objections and suggestions from all persons likely to be affected thereby, before the expiry of 10 days from the date the same is placed on the MoRTH & IRDAI website and made available to the public. 3. Objections or suggestions, if any, may be sent to Ministry of Road Transport and Highways, Transport Bhawan, Parliament Street, New Delhi-110 001 and/or , Email: [email protected] and [email protected]. in . Any objections or suggestions which may be received from any person with respect to the said draft notification before the expiry of the period aforesaid i.e. by 14 March 2022, will be considered by the Central Government. Suggested Rates are Given Below: To Read More Download PDF Given Below: