Recently, the parliament has made amendments in the Motor Vehicles Act, and these changes are applicable from 1st of September, 2019. These changes will help
IRDAI Chairman Subhash Chandra Khuntia stated that “We are working with four state governments on a pilot project on how to contact the owners of the motor vehicles which are not insured and send communication to them so that they can come and renew their insurances.”
From 1st September, IRDAI allows insurers to make ‘standalone own damage’ motor policy available to their customers
IRDAI allows insurers to issue ‘standalone own damage’ motor policy to customers.This regulation will be effective from 1st September 2019. With this regulation in effect, policyholders can now buy OD policy and TP policy from different insurers.