IRDAI Committee Recommends Higher Insurance Premium for Traffic Offences
Moneylife Digital Team/ IANS
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A working group set up by the Insurance Regulatory and Development Authority of India (IRDAI) has recommended linking of motor insurance premium to various traffic violations that range from parking in the no-parking areas to drunken driving.
As per the report, the motor insurance premium will be increased if the vehicle had been charged by traffic police for violating the traffic laws. The report recommends a system of calculating traffic violation points (TVP) on the basis of frequency and severity of different traffic offences.
The Insurance Information Bureau of India (IIB) will coordinate with various states traffic police and the National Informatics Centre (NIC) to capture the traffic violation data, calculate violation points of each violating vehicle, and make this information available to all general insurers through information technology (IT) system int
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It is a normal practice to look back at the year just gone by. I usually refrain from the practice; but the last year has not been an ordinary one by any reckoning. Anyone, who has lived through 2020, will never forget it in his lifetime. I wish to touch upon just one aspect, the fact that a year, which commenced with China staring at a major health crisis and in the opinion of many people, with an imminent danger of the Communist Party of China (CCP) losing its hold over its people, has ended in just the opposite way.
While the global income is expected to decline by 4.4% in 2020, China is the only major country that saw a positive growth (2.3%). Overall, the global gross domestic product (GDP) at the end of 2021 is likely to be the same if not less than it was at the end of 2019. That implies a loss of two years of growth. The US economy, in fact is expected to take even longer to recoup the loss of income.
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