Important Points for IC 72 - Motor Insurance Exam
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- Insurance repository system allows policy holders to keep insurance policies in electronic form and undertake changes and revision in the policy with speed and accuracy.
- Recently, IRDAI permitted five companies to act as repositories for managing e-policy. These are:NSDL Database Management, CAMS Repository Services,SHCIL Projects, Central Insurance Repository and Karvy Insurance Repository
- Motor Vehicle insurance in India was governed by India Motor Tariffs effective from 01-08-1989 till December 2006.
- The Third Party Liability premium is still being regulated by the IRDA. All other terms conditions and rules of the erstwhile India Motor Tariff are still in use.
- Although the insurers have been freed from the tyranny of tariff norms for Motor OD rating, they continue to follow the erstwhile Tariff guidelines including wordings.
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