No Differential premium without consent of IRDA | Charging of extra premium

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Irda says, don’t charge differential premium
New Delhi: Insurance regulator Irda on Thursday asked insurance companies to refrain from charging policyholders differential premium without prior approval of the watchdog. In the papers submitted to Irda before launching any product, insurers mention a range within which the premium rates would vary depending on unfavourable risk factors. “It should be ensured that no premium quotation is given which is outside the range filed with Irda and a rate which the underwriter and Appointed Actuary did not approve,” the Insurance Regulatory and Development Authority (Irda) said ina circular issued to all general insurance companies.
Source: Indian express.
 
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