IRDAI vide Circular bearing reference number: IRDA/NL/CIR/MOTOR/2/1/2024 dated January 08, 2024, has issued a Circular on compliance with MoRTH notification in view of the Motor Vehicles (Amendment) Act, 2019.
The major highlights of the Circular are as follows:
IRDAI has advised all the General Insurers carrying on Motor Insurance Business to comply with the provisions of the below-mentioned notifications issued by the Ministry of Road Transport and Highways (MoRTH):
1. G.S.R. 162 (E) – Central Motor Vehicles (Motor Vehicle Accident Fund) Rules, 2022
2. G.S.R. 163 (E) – Compensation to Victims of Hit and Run Motor Accidents Scheme, 2022
3. G.S.R. 164 (E) – Central Motor Vehicles (Fifth Amendment) Rules, 2022
All the General Insurers transacting in Motor Insurance Business have been advised to make necessary arrangements to implement the procedures prescribed in the above administrative notifications.
A copy of the Circular and the notifications are attached for your ready reference.
Relevant Governing Law:
1. G.S.R. 162 (E) – Central Motor Vehicles (Motor Vehicle Accident Fund) Rules, 2022, deals with reimbursement of claim amount raised by the Hospital for cashless treatment of hit-and-run motor accident victims.
2. G.S.R. 163 (E) – Compensation to Victims of Hit and Run Motor Accidents Scheme, 2022 deals with the utilisation of Hit and Run Compensation Account for providing compensation to hit and run accident victims.
3. G.S.R. 164 (E) – Central Motor Vehicles (Fifth Amendment) Rules, 2022 prescribes procedure for Investigation of Motor Vehicle Accidents
Source category: IRDAI
Attachments
- /2024/331_G_S_R__164_(E)_–_Central_Motor_Vehicles_(Fifth_Amendment)_Rules,_2022.pdf
- /2024/331_G_S_R__163_(E)_–_Compensation_to_Victims_of_Hit_and_Run_Motor_Accidents_Scheme,_2022.pdf
- /2024/331_GSR_162(E)_Motor_Vehicles_(Accident)_Fund_Rules,_2022_0.pdf
- /2024/331_Compliance_of_MoRTH_Notifications-DAR_Others.pdf
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