News

AIRTWF condemns the proposal of
IRDA to enhance the Third Party insurance
premium rates for the Motor vehicles

2019-05-21

From India News Network (INN)

New Delhi, May 21: K K Divakaran General Secretary, All India Road Transport Workers’ Federation (AIRTWF) has issued the following statement: 

All India Road Transport Workers’ Federation strongly condemns the proposal of IRDA to enhance the Third Party insurance premium rates for the Motor vehicles including Agriculture tractors. The proposal is irrational, non transparent and highly exploitative. The proposal is made when the entire country is eagerly waiting for the Parliament election results and the new government to take oath. The last date for the stake holders to place their comments is 29th May which is most insufficient. AIRTWF demands IRDA for withdrawal of the proposal forthwith and should negotiate with all the stake holders by giving the substantial information and data. AIRTWF calls upon all the stake holders to raise their voice on the proposal of IRDA and appeal to all to be prepared to organize a protest before the IRDA Headquarter if IRDA did not withdraw the proposal.

 

It is to mention that AIRTWF asked the IRDA to provide information on the amount collected as Premium and the amount paid as compensation to the victims under RTI Act last year. Surprisingly, the IRDA replied that they do not have the information. Without having the information, how the IRDA is enhancing the Premium rates every year is a million dollars question. It proves that there is no transparency at all. This is nothing but allowing the insurance Companies to exploit the motor vehicle owners AIRTWF once again demands the IRDA to withdraw the proposal for enhancement of premium forthwith.

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