Irdai to revisit motor third party obligation regulations for insurers

The regulator has constituted a working committee for reviewing the current motor third party obligation regulations for insurers

The Insurance Regulatory and Development Authority of India (Irdai) has constituted a working committee for reviewing the current motor third party obligation regulations for insurers and make recommendations to modify the current framework.

In June 2015, the insurance regulator had specified a formula for calculating motor third party obligations for insurers. But, after the apex court decision on issuance of long term motor third party policies as well as concerns raised by various insurers on the formula used for calculation of motor third party obligations, the insurance regulator felt that a review of the whole process is required.

According to the insurance