IRDAI constitutes panel to review third party motor cover costs

Insurance regulator 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, P.J. Joseph will be the chairman of this committee. 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.