Financial Daily from THE HINDU group of publications
Tuesday, Mar 21, 2006


News
Features
Stocks
Shipping
Archives
Google

Group Sites

Money & Banking - Regulatory Bodies & Rulings
Logistics - General Insurance


Third-party motor cover can't be denied: IRDA

Our Bureau

The regulator warns insurers of necessary action if complaints are received from the public with evidence.

Hyderabad , March 20

The Insurance Regulatory and Development Authority (IRDA) re-iterated that motor third-party insurance cover is mandatory, required under Section 146 of the Motor Vehicles Act 1988, and cannot be denied by any insurer.

Such denial would attract necessary action, IRDA warned the general insurers.

In a notification on Monday, the regulator informed the members of the public that it had on several occasions instructed all the general insurers that they cannot refuse to accept third-party insurance cover.

The regulator said regional transport authorities, transporters and members of the insuring public have in the recent past brought to its attention the instances of refusal of motor insurance by general insurance companies.

"Members of the public may bring to the notice of the Authority any refusal of motor third-party insurance(s), of vehicles used by them, by general insurers along with evidence thereof so that the Authority can take necessary action," the IRDA Chairman, Mr C.S. Rao, said.

More Stories on : Regulatory Bodies & Rulings | General Insurance

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page



Stories in this Section
Next steps soon: Chidambaram


RBI panel on capital account convertibility
Rupee gains on good inflows
IDRBT - Infusing technology for efficient banking
South Indian Bank announces VRS
ICICI Prudential cover for LKB home loans
Standalone health insurer gets nod
SLBC for reduced poultry premium
SBI staff plan indefinite strike from April 3
Andhra Bank opens ATMs
Bond market bearish
Call rate closes at 7.25 pc
SBI to securitise 30 pc of assets in 2 years
Third-party motor cover can't be denied: IRDA
Reliance Capital Vice-Chairman
Andhra Bank shareholder-directors



The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2006, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line