A premium rate established and published by Tariff Advisory Committee or Regulator. In India the rates and conditions imposed by the IRDAI are obligatory. Where an Insurer is guilty of breach of any rate, term or condition fixed by the Regulator he will be deemed to have contravened the provisions of the Insurance Act.
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A rate derived from the data in the tariff of rates; for example, schedules and rating tables. This rate is set forth by a rating organization.