IRDAI proposed amendment to IRDAI (Obligations of an Insurer in respect of Motor Third Party Insurance Business) Regulations, 2015 vide DRAFT IRDAI (Obligations of an Insurer in respect of Motor Third Party Insurance Business) Regulations, 2022.
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Insurance Regulatory and Development Authority of India
Ref. No: NON-LIFE
Date: 05-01-2022
DRAFT IRDAI (Obligations of an Insurer in respect of Motor Third Party Insurance Business) Regulations, 2022
1. Background
(a) The Authority has notified IRDAI (Obligations of an Insurer in respect of Motor Third Party Insurance Business) Regulations, 2015 on 5th June, 2015
(b) The need for revisiting the said Regulation has become imperative due to the following reasons:
i. The present formula does not indicate or monitor the penetration i.e. percentage of insured vehicles to total vehicles plying on the road
ii. The present formula does not ensure increase in penetration under each category of vehicles
iii. The treatment of Long Term Motor TP policies is not addressed
iv. Motor TP obligations are not known to the General Insurance companies until middle of the financial year, thereby making it difficult for the insurer to plan their obligations well in advance.
2. Taking the above background into consideration, it was felt necessary to revisit the existing regulations and streamline them to achieve the larger goal of increasing MTP insurance penetration
3. The DRAFT IRDAI (Obligations of an Insurer in respect of Motor Third Party Insurance Business) Regulations, 2022 are placed on the internet for the comments/suggestions of all the stakeholders
4. The comments / suggestions should reach in the format attached as Annexure-1 by 25th January, 2022 by e-mail to Mrs. J Anita, General Manager (Non-Life) at [email protected] with a copy to [email protected]
(Yegnapriya Bharath)
Chief General Manager (Non-Life)
Annexure – 1
Format for providing comments / suggestions
Draft IRDAI (Obligations of an Insurer in respect of Motor Third Party Insurance Business) Regulations, 2022
Change suggested by:
| Page No. | Regulation No. | Sub-Regulation No./Para No. | Comments/Suggestions | Reasons |
