The Insurance Regulatory and Development
Authority of India (IRDAI) has launched an awareness campaign on 3rd-party
motor insurance, jointly with the Cyberabad Police.
Fifty-five per cent (55%) of the vehicles plying
on the roads in India does not have the mandatory third-party motor insurance,
said R Raghavan, Chief Executive Officer, Insurance Information Bureau (IIB),
an arm of the insurance regulator, at the launch of the campaign here on
recently. In terms of numbers, this translates into seven crore vehicles.
“India ranks among the top 5 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 3rd-party insurance will not only lead to
severe social security perils for 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,” Mr.
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 the
IIB has been matched with the transport department’s information and the final
list has been shared with the police who will initiate action on the vehicle
owners.
Spot insurance facility will also be offered
during May 1-15 in kiosks set up by insurance companies in select locations as
part of the initiative.
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