IRDAI constitutes P J Joseph committee to review third party motor cover costs

The Insurance Regulatory and Development Authority of India (IRDAI) has constituted a 16-member committee to examine motor third party insurance pricing aspects and make recommendations on the premium rates for 2019-20. Apart from examining the third party cover pricing aspects, including data related ones; the committee has been tasked to revisit the classification of vehicles, in view of the development in the industry. Its term will be till December 31. This is for the first time IRDAI has formed such a committee, which will be headed by IRDAI Member P.J. Joseph.