By Akshay Jain||Akshay,New Delhi|April 25, 2020 09:21:20As you may recall, the Punjab Government has proposed to amend the Motor Vehicles Act (MVA) for 2018-19.
In an attempt to bring more transparency to the insurance process, we will be writing to the minister for road transport.
The insurance issue will have to be discussed in a timely manner and at the appropriate time.
If we don’t get it, we’ll file an application with the Supreme Court to have the MVA amended.
We will submit our application in two installments, the first one on April 29 and the second on May 3.
We will also be sharing our information with the state government, the insurance companies and the insurance regulator in a manner which will help the policyholder and the insurer make a fair assessment.
This is not an easy matter.
Insurance companies will have a long time to assess the validity of our claim.
If the MVM fails to cover our loss, the premiums for the MVC will be reduced.
We also have to look at the impact of the change on the policyholders’ premium, which is one of the reasons for our filing an application.
The Punjab Government’s proposal for the insurance scheme has already been met with a good reception.
The government claims that the MVs will bring in savings of up to Rs 5,000 crore and that there will be no increase in the cost of life insurance in the state.
However, there is a big catch.
In the state, only three insurers, which are the National Council of Insurance (NCI), Indian Road Transport and Highways (IRHT), and National Association of Motor Vehicles (Namrullah) will be participating in the scheme.
The NCI and IRHT have the largest share of the insurance market in Punjab, and the state’s insurers will have an uphill battle in competing with these companies.
We are also hopeful that the new scheme will not have any impact on the insurance industry in Punjab.
We have filed a private suit against the Punjab government for the delay in getting our insurance claim covered.
We have also filed a petition in the Punjab High Court, seeking an injunction against the insurance ministry for refusing to cover the claim.
We hope that the ministry will take a cautious approach and act on this petition, in order to ensure the integrity of the MVS.
The ministry must also ensure that insurance companies who are eligible for participation in the insurance subsidy scheme in Punjab can get their premiums paid in the next financial year.
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