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Fire Insurance Tariff Manual

The Fire Insurance Tariff Manual provides guidelines for standard premium rates, coverage terms, and policy conditions for fire insurance in Myanmar, regulated by the Insurance Business Regulatory Board (IBRB). It aims to protect policyholders and maintain the solvency of insurance companies by preventing unhealthy competition. The manual applies to all fire insurance policies and outlines criteria for premium rates, terms, and the role of regulatory authorities in maintaining industry discipline.

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91 views2 pages

Fire Insurance Tariff Manual

The Fire Insurance Tariff Manual provides guidelines for standard premium rates, coverage terms, and policy conditions for fire insurance in Myanmar, regulated by the Insurance Business Regulatory Board (IBRB). It aims to protect policyholders and maintain the solvency of insurance companies by preventing unhealthy competition. The manual applies to all fire insurance policies and outlines criteria for premium rates, terms, and the role of regulatory authorities in maintaining industry discipline.

Uploaded by

D Plus Day
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Fire Insurance Tariff Manual

The Fire Insurance Tariff Manual is a guideline and regulatory framework that prescribes standard

rates of premium, coverage terms, and policy conditions for fire insurance business. It is published

and regulated by bodies like the Insurance Business Regulatory Board (IBRB) in Myanmar to ensure

uniformity, fair premium rates, and financial soundness of insurance companies.

1. Definition and Purpose

The Tariff Manual outlines uniform premium rates, terms of cover, policy wording, endorsements,

and warranties for different classes of risks. It aims to protect policyholders by preventing unhealthy

rate competition and ensuring insurance companies maintain adequate solvency.

2. Scope of Application

It applies to all fire insurance policies underwritten by insurers. This includes commercial, industrial,

and residential property, as well as specified risks like stocks, machinery, and business interruption

resulting from fire or allied perils.

3. Tariffed Premium Rates

Premium rates are based on:

- Occupancy or trade of the insured property

- Construction type and fire protection measures in place

- Location and exposure to fire hazards

- Claim history and moral hazard

Rates can be increased or discounted per set criteria outlined in the manual to reflect risk-specific
factors.

4. Terms and Conditions

The manual prescribes standard policy terms including deductible clauses, warranties for fire

protection equipment, and endorsements that can be attached to policies to cover additional perils

like explosion, riot, or earthquake (subject to extra premium).

5. Role of Regulatory Authorities

In Myanmar, the IBRB is responsible for issuing, updating, and enforcing the Fire Tariff. Insurers

must submit rate deviation requests to IBRB for approval. This oversight is crucial to maintain

industry discipline and solvency in the insurance market.

6. Significance

The Fire Insurance Tariff Manual promotes uniformity, transparency, and stability in the fire

insurance market. By regulating rates and policy terms, it prevents undercutting that could

jeopardize the financial soundness of insurers and ensures adequate protection for policyholders.

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