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Wednesday, April 29, 2015

IRDA launches motor insurance awareness campaign

The Insurance Regulatory and Development Authority of India (IRDAI) has launched an awareness campaign on motor third-party insurance jointly with Cyberabad Police.

Speaking at the launch of the campaign here on Wednesday, R Raghavan, Chief Executive Officer, Insurance Information Bureau (IIB), an arm of the insurance regulator, said 55 per cent of the vehicles plying on the roads in the country did not have the mandatory motor third-party insurance.

In number terms, this would translate into seven crore vehicles! ``India ranks among the top five countries in the world in the number of accidents which makes insurance vital. Today is just a beginning. We will roll out a national campaign soon,’’ he added.

Lack of the third-party insurance will not only lead to severe social security perils for the victims but also losses to the insurers, he added.

``Cyberabad has been chosen as the first place for launch in view of the proactive approach and high technology adoption of the police here,’’ Raghavan said.

Cyberabad Police Commissioner CV Anand formally launched the campaign, which will involve ‘enactment, enforcement and enablement’ of motor insurance.

The data on uninsured vehicles compiled by IIB has been matched with transport department information and a final list will be shared with the police, who will initiate action on the vehicle owners.

Lack of third-party insurance will attract a Rs. 1,000 fine or three months’ imprisonment or both in line with the Motor Vehicles Act.

Source : Thehindubusinessline


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