IRDA WC TARIFF

Hi buddy here I have come to get info about IRDA Workmen's Compensation (WC) Tariff, so can you here tell me about it ??

Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous apex statutory body tasked with the regulation and promotion of the insurance and Re-insurance industries in India.

As you are asking for info about IRDA Workmen's Compensation (WC) Tariff, so here I am telling same for you :

WORKMEN’S COMPENSATION TARIFF

TARIFF POLICY FORM -TABLES A and B

Notes for the guidance of Tariff Insurers:-

1. When Table “A” Policy is to be issued insert the following in the column for Law(s) in the Schedule of the Policy :-

Workmen’s Compensation Act, 1923 and subsequent amendments of the said Act prior to the date of the issue of the Policy provided that the Insurance granted hereunder is not extended to include:

i) any interest and/or penalty imposed on the Insured on account of
his/their failure to comply with the requirements laid down under
the W.C. Act, 1923.

2. When a Table “B” Policy is to be issued, insert the following in the Column for Law(s) in the Schedule to the Policy.

The Fatal Accidents Act, 1855.

3. Occupational diseases listed in part “C” of the schedule III to the W.C. Amendment Act, 1984 may also be covered under the W.C. Policy at an additional premium of 50% of the book rate.

4. Compressed Air Disease listed part “A” of the schedule III to the W.C. Amendment Act, 1984 may also be covered under the W.C. Policy at an additional premium of 25% of the book rate.

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Answered By StudyChaCha Member