General insurers told Business Standard the reduction in premium rates would motivate customers, especially private car and motorcycle owners. After having issued a set of proposed revisions to motor third-party insurance premiums early this month, the Insurance Regulatory and Development Authority (IRDAI) notified general insurers of the rates applicable from April 1 onward.
IRDAI has kept the premium rate unchanged from that stated in its draft for private cars and two-wheelers.
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