Irda panel for insurance pool of commercial vehicles
Irda, on Wednesday, set up a 5-member committee to oversee the functioning of a pool proposed for third party insurance of commercial vehicles, which have been declined cover due to their high risk profile.
Commercial vehicles denied insurance cover will come under the declined pool, where liabilities will be shared by all general insurance companies.
“In order to ensure that the setting up of a declined risk insurance pool and matters connected to its operations, the Authority constitutes the Operational Committee to oversee a smooth transition to the new system,” Irda said.
While dismantling the common pool used by insurers to settle accident claims, Irda had said that an Indian Third Party Motor Declined Risk Insurance Pool for commercial vehicles will come into existence from April 1. The declined risk pool for commercial vehicles is to ensure fair sharing by all insurers and to bring in efficiency in claim management.
