Under the Insurance Act, 1938, what is the role of the Tariff Advisory Committee (TA

As per Section 64UC of the Insurance Act, 1938, the Tariff Advisory Committee (TAC) was empowered to: • Control and regulate the rates, advantages, terms, and conditions offered by insurers in respect of certain classes of general insurance (e.g., fire, motor). • The aim was to ensure uniformity, fairness, and prevent undercutting or unhealthy competition among insurers. • Although its powers have reduced after the liberalization of the insurance sector and rise of competition, the provision laid the foundation for pricing regulation in insurance. • The IRDAI now performs most regulatory functions, but the concept of TAC still exists within the Act.