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IRDAI group suggests introduction of traffic violation premium

The group constituted by IRDAI has also suggested to add a fifth clause in motor insurance. Under this, it has been suggested to add “Traffic Violation Premium”.

NEW DELHI: Insurance Regulatory Irdi (IRDAI) (Insurance Regulatory And Development Authority), along with a working group of motor insurance premiums (Motor insurance premium) in itself compensate the damage, damage to third parties and other insurance premiums It is recommended to introduce ‘Traffic Violation Premium’. This premium will be with self and third party damage insurance.

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These suggestions given by the group of IRDAI

The group constituted by the regulator has also suggested to add a fifth clause in motor insurance. Under this, it has been suggested to add “Traffic Violation Premium”. This premium has been suggested to be kept in addition to the motor’s own losses, basic third party insurance, additional third party insurance and compulsory personal accident insurance premiums.




Invoice received for violation from NIC

In the draft issued by the Insurance Regulatory and Development Authority of India (IRDAI), necessary suggestions have been sought from the concerned parties by February 1, 2021 on these recommendations. According to the proposal, this premium will be related to the future of the vehicle. In respect of any new vehicle, it shall be void This premium will be determined by violations of varying severity ranging from driving drunk to parking the wrong place. The invoice data for violations of traffic rules will be received by the general insurance companies from NIC (National Informatics Center).

 

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