IRDAI panel to review third-party motor insurance
NEW DELHI: The Insurance Regulatory and Development Authority of India (Irdai) has constituted a working committee that will review the motor third party obligation regulations for insurers and give recommendations in three months to modify the current framework.
The committee constituted by the IRDAI will be headed by J Anita, General Manager, Irdai.
The other members of the committee include Basudev Sanyal, Chief Manager, United India Insurance, K B Mehra, Chief Manager, National Insurance, Loknath Kar from ICICI Lombard, and others. A Srihari, IRDAI non-life member, is also a part of the committee.
As per the Insurance Act, every general insurer has to underwrite a minimum percentage of insurance business in third party risks of motor vehicles.
In June 2015, the insurance regulator had specified a formula for calculating motor third party obligations for insurers. But later on the Industry felt that the formula was not correct.