With marine hull insurance going out of the administered regime from next month, Insurance Regulatory and Development Authority (Irda) has issued new norms for marine and war risk covers.The new norms come after a communication from the finance ministry and the decision of the Tariff Advisory Committee.Irda has directed all general insurers to indicate the net minimum premium rate for each class of business they would offer with all possible built-in features while filing the products. "Under no circumstances can insures write business below such rate," Irda said in the directive."Insurance companies wanting to write marine hull class of business and the war risk insurance for marine hulls are required to file separately with Irda the re-insurance arrangement for protecting the net account exposures," it said, adding they should ensure that the proposed arrangements terminate on March 31, 2006.
