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Tariff Advisory Committee

Tariff Advisory Committee is now designated by IRDA as the data repository for the non-life insurance industry. The transaction level data on Motor, Health and other lines are being collected for the Repository presently. Since de-tariffing has come into force, Tariff Advisory Committee (TAC) will also keep a track of any deviation or disparity in the market behaviour and inform IRDA about it. TAC was brought into existence so as to calculate premiums for general insurance companies. With the recent change, the scope of TAC will also transform. It will now pay heed to the public grievances on non-availability of insurance and will get these problems solved through the insurers. Considering the years of experience it has, TAC is best suited and recommended for this new task. Besides, IRDA wants TAC to handle training programmes for underwriters at the market level. Collecting data on premiums, analysing them and distributing results to all insurers will be added work for TAC. Considering the new work allotted, it is likely to be called as Technical Advisory Committee.

Tariff rate

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.

Tariff Rating (Indian General Insurance market)

Under the Insurance Act of 1938 a Tariff Advisory Committee (TAC) was constituted which decides the terms, conditions, rates, Policy forms and proposal forms for certain class or type of Insurance,. The Tariffs laid down terms, conditions, warranties and rates of premium applicable for the type of cover required. Policies were issued in accordance with the provisions of the respective Tariffs. TAC was consulted if there were any doubts in underwriting. However, consequent upon opening of market the IRDA directed the Indian insurers to follow the terms and conditions prescribed in the Tariffs, though, they are free to charge their own premium rates and apply deductibles at their discretion. However, Motor Act only premium rates are still decided by IRDA on annual basis keeping in view the market fluctuations and claims experience.

Tasar Silk Insurance

The Insurance covers total loss of Tasar silk worm reared in 1st , 2nd & 3rd crops and are covered against the risks like forest Fire, flood, cyclone, hurricane, storm, tempest, cold wave, torrential rain, hail storms and such other natural calamities including all calamities vagaries.

Task force

Under the Health Insurance Portability and Accountability Act (HIPAA), representatives from all hospital departments plus legal counsel formed to assist in HIPAA compliance.

Tax

Amount of money charged on an individual’s property or activity for the support of state or federal government (e.g., income tax, sales tax, school tax, state tax, use tax).
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To assess or determine judiciously the amount of levy for the support of certain government functions for public purposes. Also, a charge or burden usually pecuniary, laid upon persons or property for public purposes; a forced contribution of wealth to meet and public needs of a government.

Tax and donations

State programs under which funds collected by the state through certain health care–related taxes and provider-related donations were used to effectively increase the amount of federal Medicaid reimbursement without a comparable increase in state Medicaid funding or provider payment levels.