THE new year, still in its infancy, is witnessing a looming battle between two camps within the insurance industry: between those who espouse maintaining the tariff regime in rating risks to be insured and those at the opposite end, espousing a nontariff or free market regime.

For the uninitiated, tariffs are fixed price lists that determine the premium rates, which insurance companies can charge consumers for insurance products sold by them. When premiums are tariffed, insurance companies are not allowed to vary the prices chargeable on an insurance policy (fixed price). The opposite therefore is the nontariff or free market regime where rates vary according to how the insurer assesses the risk it is to take on.

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