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View Full Version : General insurers to set up Motor Insurance Bureau



MTG
01-01-2010, 04:29 AM
The General Insurance Council along with general insurers are working on establishing a Motor Insurance Bureau (MIB).

It will keep track of vehicles that do not renew their third-party insurance — mandatory under the law. This data will be shared with all insurers so that they can approach the vehicle owners and have them covered. The database will also be shared with local police authorities as well as Regional Transport Authorities so that they can take appropriate steps, in case they ply uninsured.

Third party insurance covers accident victims other than the vehicle owners and its passengers during an accident. There are some 12 crore vehicles in India of which at least 3 crore ply uninsured, meaning one in every four vehicle do not renew their policies.

The General Insurance Council — a representative body of all general insurers in India, works for increasing insurance penetration as well as addresses issues of insurance companies.

Confirming the development, SN Mohan, general secretary General Insurance Council told ET: "We are currently discussing the possibility of setting up a MIB in India. It will work towards creating a central database of all registered vehicles and keep a tab on whether they renew their covers — both third party and own-damage the next year."

Currently authorities can do little to find out if a registered vehicle plying on the road is covered with a third party insurance other than manually checking each vehicle.
Source - economictimes.com (http://economictimes.indiatimes.com/personal-finance/insurance/insurance-news/General-insurers-to-set-up-Motor-Insurance-Bureau/articleshow/5401109.cms)

Rahul
01-01-2010, 01:36 PM
Third party insurance covers accident victims other than the vehicle owners and its passengers during an accident.
This is the fact, all the persons of the accident should be covered, because sometimes the passengers are not aware that the vehicle they are plying is insured or not.

Currently authorities can do little to find out if a registered vehicle plying on the road is covered with a third party insurance other than manually checking each vehicle.
This will also help the insurance company to find out other details of the vehicle.

CONFUSED
02-01-2010, 12:31 PM
Now insurance sector would see the westernised growth.