What is the Full Form of TAC in Insurance?
The Full Form of TAC in insurance is the Tariff Advisory Committee. It is a committee that has been established to regulate and control the rate of insurance, the terms and conditions and also define the other advantages of a specific insurance scheme. It serves as the overall regulating authority of the general insurance business.
Importance of TAC in insurance:
The Tariff Advisory Committee is a statutory body in the country that helps to regulate the rates and the terms and conditions for the general insurance business. The committee also ensures that the pricing of the insurance products is fair and that the insurers adhere to the prescribed rate of insurance.
Role of Tariff Advisory Committee:
The main role of the tariff advisory committee is to regularize and standardize the insurance policies. They are ensuring that the premiums that the insurers charge are fair and consistent across the insurance industry. It sets the standard terms and conditions for the insurance policies and also helps to maintain uniformity and transparency, thus making it easy for the policyholders to understand their coverage. It thus offers a level playing field where the companies are rated on their service quality.